A Last Will and Testament is a document that outlines your final wishes regarding your estate and how you would like your assets to be distributed after you pass away. This document is also sometimes called a “will” or an “estate plan.” It outlines your assets and what to do with them.
One of the biggest confusions about a last will and testament is that you will avoid probate. This is not true. It speaks directly to the probate court in the county you live when you die. Anything that is the subject of that will will go straight through the process of probate to inventory of assets. They will see any debts get paid and then go to any beneficent.
A Last Will and Testament allows you to:
– Choose who will receive your assets after you die;
– Choose who will be the guardian of any minor children;
– Appoint a executor to carry out your final wishes.
Common types of last will and testaments include :
– Standard will: This is the most basic type of estate planning document. It covers only the distribution of your assets and does not take into account any other estate planning needs you may have.
– Pour-over will: This type of will is used in conjunction with a living trust. It ensures that any assets you forget to transfer into your trust are “poured over” and become part of the trust upon your death.
– Living will: Also called an advanced directive, this document outlines your wishes for medical care if you become incapacitated and cannot make decisions for yourself.
– Trusts: There are many different types of trusts that can be used for estate planning purposes. Trusts can be used to avoid probate, minimize taxes, and provide for asset protection.
A last will and testament is just one estate planning tool you can use to protect your assets and loved ones after you die. If you reside in Northeast Ohio, contact Pfieffer Law today to establish a last will and testament and protect your family and assets when you no longer can.
More information: https://aolaw.biz/wills/