Estate Planning

A Will is a document that gives specific instructions for the way a person's property is to be distributed upon death. It is the "last word" of the person who made the Will. Regardless of the value of your current estate, if you own real or personal property, or have minor children, you should have a Will.

Yes. Many times people make Wills and then years later their circumstances have changed. There are two ways to change your Will, you can add a "codicil" to state the desired change, or you can create an entire new Will. There are certain Will formalities that must be followed so you should not try to change your Will without the assistance of a lawyer to make sure it's valid.

Literally, you will have no say on how you want your property to be distributed. Your property would be distributed by the laws of "intestacy". If you die without a will, it can be costly and create legal problems that could have been avoided.

Probate is the process that requires you to open a formal estate administration in the Probate Court. For example, say that when you die you have property with your spouse that wasn't put in "survivorship" form. You may think that because both of your names appear on the deed to the property your spouse is automatically entitled to your half of the property upon your death, this a common misconception. The reality is that your spouse would be forced to open an estate in the Probate Court located in your county. If you have a Will, your Will would be filed with the Court, and the Court would then appoint the person named in your Will to administer your estate. Your half of your assets would have to be administered through the court to pass to your spouse. This can be a costly and timely process. If you do not have Will, the process is even more complicated. There are simple ways to avoid probate, and if you're not sure if your estate will be subject to probate, you should consult an attorney.

A Trust is not necessary to avoid probate, and not everyone needs a Trust. There are several other options to utilize to avoid probate. A Trust can be useful in very large estates for tax planning, and there are other circumstances that a Trust is beneficial.