Wills

Wills

For estate administration purposes, your “probate estate” comprises the assets you own at your death, which can include real estate, bank/investment accounts, stocks, bonds, life insurance proceeds payable to the estate, and tangible personal property such as vehicles and jewelry.

A person’s Last Will and Testament directs how their probate assets will be distributed at death; it allows them to name an executor, designate guardians for minor children, and provide instructions for assets and burial wishes that are part of a broader estate plan.

Types of Wills

• Simple wills are typically used when a person’s wishes are straightforward and their assets are easy to identify and distribute. They often work well for individuals who want to name beneficiaries, appoint an executor, and include basic guardianship provisions without extensive tax or trust planning.
• Complex wills may be appropriate when an estate includes blended family concerns, tax planning issues, a beneficiary with disabilities, business interests, or assets that require more detailed instructions. In those situations, the will is often coordinated with trusts and other planning documents to help protect beneficiaries and support the overall estate plan.
• A pour-over will is used with a revocable living trust and acts as a safety net for any assets that were not transferred into the trust during life. Those assets are “poured over” into the trust at death so they can be administered according to the trust terms, even though the pour-over will itself still goes through probate.

Key Issues When Creating a Will

When preparing a will, important questions include who should serve as executor, whether there are minor children who need a guardian, and whether any beneficiary has a disability, addiction or spendthrift issues, and/or special planning needs. It is also important to review how assets are titled, whether there are tax consequences, and whether long-term care or skilled nursing needs should be addressed as part of the broader plan.