Wills are an important estate planning tool that allows individuals to express their wishes regarding the distribution of his or her property upon his or her death. 

 

The property that will be controlled by a Will is the person's probate estate.  An individual's probate estate consists of those assets that exist in a person's name at the time of the person's death without a joint owner, without a beneficiary designation, without a payable on death or transfer on death beneficiary.  If any of those circumstances exist then the transfer of assets will occur in accordance with the designation or to the surviving joint owner by operation of law as non-probate assets. 

 

If ownership of the asset is only in the name of the decedent then the only way to transfer the asset to anyone else is to go through estate administration proceedings in the local Probate Court.  The Probate Court will follow the wishes of the decedent in distributing the decedent's property by  looking to the decedent's Last Will and Testament. This is exactly why preparation of a Will is preferred.

 

In this document, an individual outlines how they want their property distributed upon their death.  You also name who you would like to act as your executor, which is the individual who is appointed as your fiduciary to collect all of your probate assets, to liquidate them, and ultimately distribute the assets to your named beneficiaries.

​

Wills can be as simple or as complex and detailed as the individual wishes, but there are a number of important items to consider in drafting your will, which should be determined after consultation with an attorney.

​

Attorney Stacy E. Dame has the experience necessary to assist you in drafting a document that outlines your wishes and she can also advise you as to how you can best meet your goals when it comes to allowing for the most efficient method for transfer of your assets to your chosen beneficiaries.

​

TRUSTS

Trusts are another popular estate planning tool, which allows the creator to outline in a formal document how his or her assets are to be managed and ultimately distributed. One difference between Wills and Trust documents is that Trust documents become effective upon signing and can control assets and allow distributions of assets during the creator's lifetime in addition to when the individual passes away. Wills only control property distribution upon death.

​

In some cases people set up trusts to avoid the probate process, to avoid or reduce inheritance or estate taxes, or to protect their assets (including from their heirs' creditors). 

​

There are many types of trusts including but not limited to; living trusts, testimentary trusts, revocable trusts, irrevocable trusts, and special needs trusts.

​

Typically after a trust document is created, individuals fund the trust by transferring or moving assets from ownership in the creator's name into the name of the trust so that the trust is actually the legal entity that holds title to the assets. A trust only controls property that has been transferred into the trust.

​

A trustee is named (with many creators naming himself or herself as the initial trustee) to manage and control the trust assets in accordance with the trust document. You also typically name an individual to act as your successor trustee in the event the first person named becomes unable or is unwilling to act in the fiduciary capacity. Trusts are more complex and are more expensive to create then Last Will and Testaments.

​

How do you decide which path is the best for you? That's simple. Let us know what you want and we will provide you with our recommendations for how you can achieve your future goals.  After consultation regarding your wishes, we will apply our knowledge and experience to prepare documents to provide for your loved ones and to make sure your wishes are carried out as you intended at the time you pass away.

​

​

​