Last Will and Testament
The main functions of a last will and testament are guardianship of minor children, distribution of accounts/assets, and funeral/burial wishes. The individual(s) you nominate as your Personal Representative(s) will need to present your last will and testament to the probate court in order to (i) have a legal guardian appointed for minor children, if applicable (ii) gain access to your assets/accounts, if applicable, and (iii) distribute your estate pursuant to the will.
There are three types of wills:
Simple Will
A simple will is created for clients who (i) do not have a trust, and (ii) do not want to add age requirements for the beneficiaries of their estate to inherit (i.e., 20% at 25, 30% at 30, 50% at 50)
Complex Will/Testamentary Trust
A complex will is created for clients who (i) do not have a trust, and (ii) want to add age requirements for the beneficiaries of their estate to inherit
Pour-over Will
A pour-over will is created for clients who have a trust. The trust will be the beneficiary of the pour-over will. If an asset or account did not have the trust listed as a beneficiary, that asset/account will need to go through probate to get into the trust.
Information needed for drafting your last will and testament
Who would you like to name as Guardians of your minor children, if applicable?
Clients typically have two to four levels of individuals serving individually or as co-guardians (i.e., parents, as co-guardians; sibling and sibling’s spouse, as co-guardians; cousin; and friend). Some clients like to name interim/temporary guardians to take care of their minor child(ren) until the guardian is able to serve.
Please provide us with the full legal name of each guardian and your relation to each guardian. If including interim/temporary guardian(s), please provide the full legal name of each temporary guardian and your relation to each temporary guardian.
Who would you like to serve as Personal Representatives?
Clients typically name between two to four levels of individuals, and they typically are the same people named as successor trustees (if creating a trust or have a trust)
Please provide us with the full legal name of each Personal Representative and your relation to each Personal Representative
How would you like your estate to be distributed?
For clients who do not have a trust and are not planning to get a trust
Please provide us with the full legal name of each beneficiary, the percentage/amount each beneficiary is to receive, your relation to each beneficiary, and any age requirement(s) for the beneficiary to inherit (i.e., 20% at 25, 30% at 30, 50% at 35)
Do you have any funeral/burial wishes?
For example, if you want your body matter to be cremated or donated to science. More complex wishes can go on an additional document we provide when you sign.