What is a Will and why do I need it in my estate plan in addition to my Trust as part of my overall comprehensive estate plan?
Wills allow people to direct where their assets should go after their passing. Wills are an important part of an overall estate plan. A specific type of will, called a pour-over will, is incorporated into an estate plan for clients.
A person who creates the will is known as the Testator (sometimes called a Testatrix, for females).
A person who is asked to represent the testator's estate after the testator has passed away, is known as the Executor.
A will:
• May direct that your assets be transferred to your trust, so it can avoid probate
• May otherwise distribute assets to any persons or entities
• May name guardians for your minor children
• May be modified or revoked as long as the Testator is alive and competent
• Does not grant any monetary or other rights to anyone until Testator has passed away
What is one of the biggest drawbacks of having just a will?
• Wills need to be probated. Probate is expensive, time-consuming, and invades privacy.
How do I properly sign a will?
• Wills must be signed by at least two competent disinterest witnesses.
• For purposes of this discussion only:
○ Competent: mentally healthy and over 18.
○ Disinterested: does not receive any assets from the will.
○ Signed: at the same time Testator signs the will.
