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Wills

 

Wills

 

A last will and testament is a document that allows you to control the disposition of assets at your death. Without a will or trust, there is no instruction; people who die without a will or trust allow the state to plan for them (intestacy), and thus lose their ability to control the distribution of their assets.

 

General Functions of the Will

 

·Control disposition of your assets

 

·Name a guardian for minor children

 

·Name an Executor to handle your probate administration

 

A Comprehensive Plan

 

A will, though a useful too, is not an estate plan. It is only a part of a well-designed estate plan,.  It is only one of the many tools to be utilized in meeting your objectives,  The attorneys at Stephen S. Sprinkel, Ltd., provide you with counsel in developing your estate plan that may include a last will and testament, financial and health care powers of attorney, and asset ownership strategies to meet your needs. Wills only become effective when someone dies. Because of this, wills do not address many circumstances that can occur - and should be planned for - before death. See Disability Planning

 

Probate Concerns

 

Planning through wills alone guarantees there will be probate administration on death. However, persons can avoid probate, with the attendant lengthy administrative delays, loss of control, higher costs and public disclosure of assets and liabilities, by planning with a funded revocable living trust. See Revocable Living Trusts

 


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