Wills
A will is a legal document that sets up your fiduciaries. Your fiduciaries are your personal representatives, guardians and custodians. A personal representative makes sure your last taxes are filed and pays all funeral expenses from the estate. They are also the will's executor. The guardian looks after the minor children's physical well being while the custodian looks after the minor children monetarily. The will can distribute personal property but once you own title to any real estate you will go to probate court.
Wills vs. Living Trusts: What's right for you?
So what is best for you? In many respects, a living trust and a will accomplish
similar objectives. A trust, however, allows you to realize other objectives that
a will cannot. But those advantages don't come without a price. Whether or not a
living trust is better for you than a will depends on whether the additional advantages
are worth the cost. When choosing, remember one size does not fit all.
Complete Estate Planning - Living Trusts - Living Wills - Power of Attorney
