Last Will and Testament
A Will generally provides the foundation for a person’s estate plan. Most problems in a decedent’s estate arise because there is no Will or the Will is not well drafted. The primary purpose of a Will is to direct the disposition of a decedent’s assets and liabilities after he or she passes away. Other significant provisions in a Will deal with issues such as specifying the disposition of one’s remains, designating Executor(s)/Trustee(s), and providing for testamentary (post mortem) trusts for those beneficiaries who may need them either for estate tax minimization or avoidance or for non-tax reasons. Typical non-tax reasons for trusts are that the beneficiary is a minor, has special needs, or that the beneficiary simply needs the financial structure and controls which a trust can provide. Other non-tax benefits of trusts include protecting the beneficiary from creditors’ and spousal claims.
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