A last will and testament is an important first step in getting prepared for an estate plan. The will helps determine who will be in charge of your estate and what powers they will have. You are able to decide who will inherit your property and how they will receive it. Those who inherit your property are deemed your beneficiaries. A will also allows you to set up guardians for your minor children. Although a will is a crucial first step and is absolutely better than having nothing, a will does NOT help you avoid probate if your estate has a value over $150,000. Therefore, a complete estate plan should include both a will and a living trust to truly protect you.
Just a Few Things
- Set up who will distribute your assets
- Determine your beneficiaries and what they will receive
- Provide Guardians for children