Last Will & TestamentsCall us at 800-354-1544
“I do not fear death. I had been dead for billions and billions of years before I was born, and had not suffered the slightest inconvenience from it.”
Simply put, a Last Will & Testament is a plan for death. At Chaves and Perlowitz LLP, we strongly emphasize the advantages of Trusts over Wills (LINK). But Wills still have a place in the world of estate planning. There are a number of reasons why clients may choose wills.
Accompany a Trust
Every client who makes a trust makes a simple “Pour-Over Will” that accompanies their Trust. It accomplishes three basic tasks: (1) Cancels and revokes any Will the client had ever made in the past. (2) Names an Executor (3) Leaves the Estate to the Trust. It’s called a pour-over because it pours any residuary items in the estate into the trust. The goal is to avoid using this Will and going to probate, but it’s a back-up plan. It’s there in case a client wins the lottery on Saturday and dies on Sunday, or if they forget to name a beneficiary on a bank account. The Will ensures every item is accounted for and distributed appropriately.
Plan for Minor Children
A Will names a guardian for children. It is an important tool for parents to decide not just who would manage their money, but who would care for their kids in the event of an unexpected death.
Starter Estate Plan
It usually does not make sense for a healthy 35-year-old with no real estate to make a trust. All clients’ life circumstances are different. Many young people may start with a Will as their Estate plan and move on to a Trust when appropriate.