Who will settle your estate? Who will make sure your assets get to your beneficiaries? Is naming a Guardian for your minor children important to you?

When creating a Personal Will, you name someone to handle settling your estate (Executor). This person will make sure that the beneficiaries you choose receive your hard-earned assets. With a Personal Will, you can make accommodations for your pets, as well as list specific gifts. If you have minor children, you will name someone to raise them (Guardian). This comprehensive document includes a self-proving affidavit and is highly adaptable for blended families. A Personal Will is the first step in protecting your family and assets. Without one, the State may stem in and decide these things for you.

Minor Trust

Do you want the courts to control your minor beneficiary's inheritance?

Without a "Minor's Trust" provision in your Will, any inheritance to a minor will be under the control of the courts. This can result in added expenses, including posting a bond and petitioning the court for funds. By adding a "Minor's Trust" provision in your Will or Living Trust, you can name someone you "trust" to oversee the minor's inheritance.

Young Adult Trust

Is your child/grandchild mature enough to receive an inheritance if they are only 18, 25, 35?

Unless you have established a "Young Adult's Trust" provision in your Will or Living Trust, for anyone older than 17, the State is required to give their inheritance to them without any restrictions. You have assets to protect such as your home, cars, bank accounts and retirement accounts. Will your young adult be mature enough to wisely handle say $200,000? You can establish a "Young Adult's Trust" Provision where you can name someone you "trust" to oversee their inheritance until an older age, such as 25, 35, 40.

Incompetency Trust

If your beneficiary is incompetent, do you want the courts to control their inheritance?

If your spouse or other beneficiary is incompetent (Alzheimer’s, dementia, stroke, etc.) when you die, the court will take control of their inheritance unless you’ve made provisions otherwise. By adding an “Incompetency Trust” Provision in your Will or Living Trust, you can name a Trustee to oversee this situation and avoid interference by the court system.

Do you own a home, have life insurance and/or a 401k and want to avoid Probate?

A "Living Trust" is a means to avoid probate of those assets that you title into your Trust or assets that you list the Trust as a beneficiary. Probate can be expensive (3%-10% of an estate value) and time consuming. This Trust can make things easier and more efficient for your Executor/Trustee to manage settling your estate. In addition, if you own out-of-state property, titling that property into this Trust will help avoid probate in that State.

Do you want to protect the privacy of your beneficiaries?

Your estate is public record. With just a Will, your probate assets are listed with their value and who inherits them for anyone to see. A "Living Trust" is a private document; no one will know the type or value of your beneficiaries' inheritance, nor know who will inherit your estate. Also, a Trust is more difficult to contest if there is someone who is trying to benefit from your estate.

Who will deal with your financial affairs when you no longer can?

Do you want to risk the courts taking control of your property in the event you became incapacitated or are deemed incapable to manage your affairs? If not, a revocable "Financial Power of Attorney" gives authority to someone you trust to manage your ongoing affairs while living, such as paying your bills, deal with your real estate, handle your investment and your checking account to name a few.

Who can legally speak on your behalf on health care and end of life issues, if you cannot?

If not, a revocable “Health Care Directive” will allow someone you trust to deal with your doctor as it relates to medical procedures, medications, and where to be hospitalized. This person would also be responsible to honor your end of life issues. Time can be of essence, and having someone named, can help immensely.