Wills

Wills are, by far, the most well-known estate planning document; however, their role in estate planning is often misunderstood.  Wills are a useful estate planning device, particularly for younger couples with children.  A will is necessary to appoint a guardian for minor children in case of the parents’ death, and can be used to fund additional property into trust at death.  They also provide a simple solution to create an asset management system for beneficiaries by creating testamentary (will-created) trust shares.  However, many people are unaware that wills do not help families avoid costly probate court procedures upon the death of their loved ones.  In fact, wills essentially act as a set of instructions for the probate courts to follow.  Furthermore, because probate court is public record, anyone is capable of reviewing your estate financials and identify your beneficiaries.  A will may be a viable solution to your estate planning needs but oftentimes there are less costly and better-suited answers.