Will

Will based planning is often thought of as a stop gap measure. It is generally not considered comprehensive planning. Often will based planning is used because people think they can not afford comprehensive Trust based planning. Too often a cheap will (or a cheap trust for that matter) will have unintended and sometimes devastating consequences.

If you choose to use will based planning it is very important that you are well counseled by an attorney who will find out what your goals are and design the plan to achieve those goals. If will based planning is done properly it will generally not be inexpensive.

Will – The “Last Will” is a set of written instructions to the probate court: (1) requesting that the estate of the decedent be admitted into the probate court’s jurisdiction; (2) requesting that the court accept and appoint the decedent’s nominated personal representative (or executor); and (3) requesting that the court validate and approve the decedent’s proposed distribution of assets.

Will based planning guarantees that your estate will have to go through probate.

Will based planning may or may not include protection for your beneficiaries from creditors, predators, and taxes.

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