| Executing a Last Will and Testament is the greatest | | | | valuable assets they should consider using the |
| gift you can give your loved ones. When people do | | | | protection of trusts. The Will is placed inside the |
| not take time to write out their will it creates | | | | trust; keeping assets out of probate and exempt |
| additional grief for the family. Instead of having a | | | | from inheritance tax. |
| say-so in how your assets are distributed, a judge will | | | | Wills must undergo the probate process when not |
| decide. | | | | protected through a trust. This process involves |
| The Last Will and Testament is used to appoint an | | | | validating the will, court confirmation of the estate |
| estate administrator, designate beneficiaries to | | | | administrator, paying creditor debts, inventory and |
| receive assets and personal belongings, express burial | | | | appraisal of assets, filing a final tax return, and |
| preferences, and establish guardianship for minor | | | | distributing assets to heirs and beneficiaries. |
| children. | | | | Trusts are generally reserved for estates valued |
| Overall, the last will is the package that ties up loose | | | | over $100,000. Smaller estates can utilize techniques |
| ends of your life. Without it, others will be left in | | | | to keep assets out of probate. These include |
| charge of handling your affairs. Dying intestate | | | | establishing beneficiaries on bank accounts, life |
| (without a Will) creates a terrible burden for your | | | | insurance policies and investment accounts. |
| loved ones. If you died today, would anyone know | | | | The average probated estate takes six to nine |
| what to do? If not, it is time to create a will. | | | | months to process. Complex estates can take years |
| Many options exist for establishing a last will. Several | | | | to settle. Much depends on the court caseload, |
| websites offer downloadable forms that can be filled | | | | estate value, and how well family members get along. |
| out and notarized. Office supply stores sell | | | | The probate process provides a platform where heirs |
| preformatted forms which only require filling in the | | | | can air grievances. If they feel slighted or were |
| blanks. | | | | disinherited, they can contest the will. This act rarely |
| Most credit unions, banks, and investment brokers | | | | accomplishes anything more than bankrupting the |
| offer estate planning services to their customers. | | | | estate by overinflating legal expenses. |
| Estate planning can range from executing a simple | | | | Estate planning experts recommend hiring a probate |
| last will and testament to establishing revocable or | | | | lawyer to administer estates where family |
| irrevocable trusts. Fees range from under $100 to | | | | dysfunction exists. Family strife is less likely to occur |
| several thousand. Much depends on the value of the | | | | when a lawyer or professional estate planner is |
| estate and services rendered. | | | | involved. |
| When individuals own businesses, real estate and | | | | |