What is a Will
A will is essential to ensure that any assets not included in the revocable trust are distributed according to your wishes. It acts as a safety net to capture any assets that were not transferred to the trust during your lifetime.
A will is essential to ensure that any assets not included in the revocable trust are distributed according to your wishes. It acts as a safety net to capture any assets that were not transferred to the trust during your lifetime.
Wills
How it Works
A will specifies your wishes for asset distribution and care for minor children, ensuring all your assets are managed according to your plan.
What’s Included
Your estate portfolio will include the will document, providing a clear outline of your wishes for asset distribution and care for minor children.
Executor vs. Trustee
The executor of a will and the trustee of a trust have multiple distinct roles and responsibilities:
Executor
An executor is nominated in the will and becomes effective only upon the client’s death. The executor reports to the probate court, identifies assets and debts, pays off debts, and distributes assets to the heirs. The executor’s duties end once the probate process is complete.
Trustee
A trustee is appointed when the trust is created and has immediate responsibilities. The trustee manages assets, pays bills, and makes investment decisions throughout the client’s life. Upon the client’s incapacity or death, a successor trustee takes over these duties. The trustee does not file with the probate court and manages the trust’s affairs privately.
Estate Portfolio Components
Trust: Your main document for asset distribution and care instructions.
Will: Backup document for any assets not in the trust.
Power of Attorney: Legal authority for appointed persons to act on your behalf.
General Durable Power of Attorney (GDPOA): legally appoints trusted individuals to handle financial affairs
Medical Durable Power of Attorney (MDPOA): legally appoints trusted individuals to handle medical affairs
Funding Instructions: Guide for transferring assets into the trust.
Certificate of Trust: Proof of trust existence and trustee authority.
Designated Assets Outline: List of assets in the trust.
Transfer on Death: Directs certain assets to specific beneficiaries.
Health Care Forms: Essential documents for medical decisions and authorizations.
Memorial Instructions: Guidelines for final arrangements.
Personal Effects Disposition: Instructions for handling belongings.