Why Make a Will?
A will controls the disposition of property in your individual name upon your death. A will also designates the individual who will serve as Executor. An Executor typically is a trusted and mature individual who can assemble, administer and distribute assets of the estate.
A will also designates a guardian who will have physical custody of your children.
Is a Trust Better than a Conservator?
A will can designate a conservator who will have the duty to invest, manage and distribute money for your children. A better plan is to have a children’s trust in place in case both parents are deceased. It is much easier to fund the trust and the trust avoids probate fees.
What a Will Does Not Do?
A will does not control the disposition of joint accounts, life insurance and retirement accounts. Attorney Brewin provides advice as to the proper way to designate beneficiaries.
Review of Existing Wills.
A will should be reviewed at least every few years due to changes in the family, tax laws and the values of assets.