Contractors Resources

Wills & Trusts

Will/Trust Analysis

Wills and Trusts are important tools in providing order to your financial affairs. Wills and Trusts will help you with your tax planning, simplifying your estate settlement and providing guidance to your family and heirs.

A will is a formal legal document detailing the settlement of your estate. It is crucial to the success of an estate plan that your will be properly written by a qualified, experienced legal professional and witnessed in accordance with state law. The laws governing the drawing up of wills vary considerably from state to state. For example, holographic wills (those written in a person’s own handwriting) are considered legal in certain states but illegal in others. In most cases, however, these do-it-yourself wills have been considered an unacceptable substitute for a formal will.

What if I Kick the Bucket without a Will?

If you die without a will, you automatically forfeit the chance to direct the dealings of your estate and loose control. Not having a will in place can result in potential needless legal disputes, damage to personal relationships, and sometimes, financial tragedy for your family. Think of the Will as an opportunity for you to designate your own executor, guardians for minor children, and other fiduciaries, rather than relying on the probate court to appoint them for you. Trustees for minor children or other beneficiaries of your estate can be designated in a will, and their powers can be tailored to the anticipated needs of those beneficiaries.

For those who have neither a spouse nor children and who would rather their estate go to personal friends or charity, a will is the primary means of fulfilling your wishes.

It is important to meet with your legal advisor to draft or review your will as soon as possible. Estate planning is more than just tax planning, it is planning for the future of your heirs and beneficiaries.

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