Wills
Three Rivers Estate Planning - Wills

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Michael A. Hettinger

 

 

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WILLS

A will is the cornerstone of every good estate plan. A person who makes out a will is called a testator. Along with its traditional role of conveying property at death, a will serves several other purposes. For example, through a will a person can name a guardian for minor children, direct that the minimum level of probate court involvement be utilized in probating the estate, provide for who is to be considered a beneficiary of the estate in the event a potential beneficiary dies close in time to the testator, name the person who will represent the estate for probate purposes (the personal representative), and direct from what assets death taxes are to be paid.

Wills range from fairly simple two or three page documents to far more lengthy, complicated documents. A will can include a trust known as a Atestamentary trust@. However, given the significant advantages in utilizing non-testamentary trusts, testamentary trusts are seldom used today.

For estates where tax planning is not a significant issue, no assets are to be left to minors, and the proper powers of attorney are executed, wills can be the primary vehicle used to pass assets at death.

In estates where a trust is determined to be the most advantageous means of passing assets at death, a special type of will known as a Apour-over@ will is utilized. Any assets which are not placed in the trust before death are poured-over into the trust by the will. Hence the name Apour-over@ will. A pour-over will also accomplishes the tasks stated above, many of which can only be done by a will.


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