WILLS, TRUSTS AND ESTATES

The two most important reasons to have a will are:

1. To make sure that after you pass away your assets are distributed to the persons or entities that you want to receive them.
2. To designate who will take care of your minor children after you pass away and how they will be cared for.

The most important reasons for having a trust along with a will are:

1. A trust can, under certain circumstances, protect your assets from creditors and can keep assets out of probate court.
2. A trust can allow you to control your assets. Sometimes a trust can reduce estate taxes; additionally it can enable you to distribute assets over a period of time so children will not receive certain funds until they go to college.

Without a will these items could end up being decided by a judge in a probate court with large expenses for your estate and outcomes that you may not have wanted. However, simply having a will does not always prevent your estate from landing in probate court and having your assets diminish from legal fees and adverse decisions from a probate judge.