How We Can Help
Wills
A will is a written directive as to how property is to be distributed at death, who should be the personal representative to manage the estate, and who should be the guardian of minors. There are three types of wills:
- A Simple Will passes the assets to a named individual(s). Generally there are no tax planning trust provisions or testamentary trusts for minors. A Simple WIll is set up to distribute to the survivor of the couple and then to the children equally, after the death of the survivor.
- A Complex Will contains testamentary trust provisions. It creates a trust at the death of the testator, possibly helping to avoid taxes and delay distributions.
- A Pour Over Will is used with a living trust, acting as a safety net to ensure that the testator’s wishes are carried out.
Trusts
A trust is established to hold and manage property. It can be established as a Living trust which is during one’s lifetime or as a Testamentary trust established at death through a will. A trust includes the individual who creates the trust (grantor), a person who manages the trust (trustee), and all those who get the benefits of the trust (beneficiaries).
When an owner of property dies, becomes incapacitated, or is a minor a probate becomes necessary. Probate is a process for transfer and management of property set up by the legislature and carried out by the court. Probates can be very time consuming, costly, and emotionally taxing. The attorneys at Gallian Wilcox are experienced with probates, trusts, and wills.
