Wills & Trusts

Wills and Trust are the basic starting blocks of a properly planned Estate. Both are vehicles that, at the least, provide for the allocation of your assets after death by expressing your desires. Having either document in place can serve to reduce quarrels over your property and provide for your after death arrangements.

Wills:

A Will is a document governed under state law that goes into effect upon the death of the testator (the person for whom the will was prepared). A will appoints a personal representative (executor) and also names beneficiaries. Further , it states the intentions of a deceased person concerning the distribution of the testator’s assets to the beneficiaries. It can also provide for the management of the testator’s affairs (the executor’s job) following his or her death.

Trusts:

A Trust is a relationship in which the trustmaker (the grantor settlor) transfers property to be managed by one or more people (the trustee or co-trustees) who hold title to property (the trust corpus or res), subject to an obligation to keep or use the property for the benefit of another (the beneficiary). The trust can be created verbally, but will most often be in writing.

There are many types of trusts that serve different purposes. For a list of commonly used trusts and a brief description of each, please click here

So, Should I Have a Trust, Will, or Both?

Even those who have a Trust, should also have a Will or a “Pour Over Will”. There are situations where the contents of your estate may be unknown. For instance:

  • (a) someone dies and you inherit from the estate,
  • (b) where you, without the correct advise, had benefits payable to your estate,
  • (c) damages payable to your estate resulting from the accident causing your death

    • One of the major reasons to have a Trust is to preserve privacy. Unlike Wills, Trusts do not pass through Probate. Probate is a public process, meaning that the distribution of your assets, through a Will (but not a Trust) will be available to the public.

    However, because Trusts are a more intensive document and often concern more assets, wills do cost less. So if your estate is not complex, does not involve assets with great values, and you don’t mind that the distribution of your assets upon your death will be publicized and may take a long time through Probate, you may be able to get by with just a Will.

    An experienced attorney can speak with you to help you make the correct decision with regard to your specific situation. Please Contact PLG: The Pikramenos Law Group.


    FAQ’s About Wills

    1) Who Needs a Will?

    In reality no one NEEDS a Will. Please keep in mind that State law decides what happens to property in the estate of a person who dies without a will. Therefore, people whom you do not wish to bestow any gifts to might end up with all of your property when you die. State law attempts to distribute the property according to what most people want, but it doesn’t always work that way. The default plan normally distributes property to relatives. Your fiancee, partner, or long time significant other will not be taken into account, nor will your best friends or pets.

    2) Can I Write My Own Will?

    Only an an attorney can legally draft a will for a another person. The only exception is where a person drafts his or her own will. Personally drafted wills are often incomplete, and therefore invalid under state law. An invalid will is worthless.

    Do It Yourself Will Kits found online and local office supply stores are normally not state-specific and are often incomplete or otherwise defective. Again, if your will fails to follow state law, it will be invalid.

    Even some attorneys who charge minimal prices may be using forms that are not state specific or are otherwise defective and not tailored to each individual’s needs. Remember, you get what you pay for.

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