Questions And Answers About Wills
Many find it easy to procrastinate when it comes to writing a Will. Here are answers to some questions about Wills that we are often asked. If you are one of those who has put off this task, these answers may help you get your Will written.
Why do I need a Will?
A little planning now can ease the burden of those that survive you and minimize taxes to the extent legally possible. Preparation of a Will can also ensure that your estate ends up in the hands of those individuals, organizations or charities selected by you. If you have minor children, a Will also lets you decide who will raise your children and handle the assets until they come of age.
If I don't have a Will, does the State seize my estate?
No. However, the estate will pass under the intestacy laws and may end up in the hands of individuals to whom you did not wish your estate to pass.
What is an Executor?
An Executor is the person appointed in your Will to handle the settlement of your estate. He or she will be responsible for valuing assets, paying debts and administrative expense, filing death tax and income tax returns, and handling distribution of your estate to your heirs. An Executor does not have to have prior experience to be effective, but should be someone you trust to deal with things promptly and thoroughly.
What is a Trustee?
A Trustee is a person you appoint in your Will to handle assets distributed from your estate, usually to minors, until they come of age. This person will handle the investments as well as make decisions on any distributions made on behalf of the minor in accordance with the provisions of the Trust established by your Will.
What is a Guardian?
This is the person or persons you appoint in your Will to raise your children. A Guardian is like a substitute parent.
Can one person serve as my Executor, Trustee, and Guardian?
Yes. If you have someone with the capability, there is no reason not to appoint the same person to all functions and there may actually be some benefit such as continuity.
Can I draft my own Will?
Yes, but there are numerous problems that can be encountered if you draft your own Will. Even Warren Burger, once the Chief Justice of the United States, made serious errors when drafting a Will for himself. Since the cost is not significant, it is prudent to leave the drafting to a professional.
If I want to change my Will later, do I have to have a new Will written?
Usually, simple changes are done by Codicil, which is a short, simple, and affordable document.
Do you file my Will at the courthouse after I have signed it?
No. Your Will is a confidential document until it is probated after your death.
Is a Living Trust better than a Will?
Sometimes. We would be happy to review your personal situation to see if a Living Trust is something you should consider.
