Wills, Trusts, and Estate Planning
Click to hear the audio versionDo I need a will?
The number one question most people have is, do I need a will? The short answer is, yes. Most people, at minimum, should have a will as part of their estate plan. If you answer yes to either or both of the following questions, you will need a will. Do you own things such as a car, bank accounts, jewelry, art, collectibles, family heirlooms or any other personal property? Do you have minor children? No matter your age or marital status, you probably need a will. At the Law Office of David Sean Dufik, we can help you draft a will that reflects exactly what you want to happen to your estate.
Do I need a trust?
For people with more valuable estates, a trust, rather than just a will, may be the better option. If your estate is worth $150,000 or more, or you own real property, you need a trust. By placing your assets or real property into a trust, you can avoid the need for your estate to go through a probate proceeding. A trust allows you to control how your assets are managed both during and after your lifetime.
What is the difference between a will and a trust?
A will and a trust are both estate planning documents. Both allow you to control what happens to your estate after you die. But there are some key differences you should be aware of. A will allows you to name a guardian for a minor child and also allows you to leave specific instructions such as funeral and burial instructions. However, a will cannot transfer title to a house. If you own a home or your estate is valuable, your estate will still have to go through probate even if you have a will. A trust, on the other hand, can transfer title to a house and can distribute a valuable estate without the need for a probate case. But you cannot name a guardian for a minor child or leave special instructions in a trust. Maybe a will is the only document you need. Or maybe you need both a will and a trust. It all depends on your specific situation.
What is probate?
Chances are you've heard the word probate. So what is it? A probate is a court case filed in the superior court when a person dies without a will or a trust, or they die with a will and a valuable estate. Probates can be complicated if you are not familiar with the probate rules and procedures, but are necessary in order to distribute the estate to the rightful heirs. Having the assistance of an experienced probate attorney can make the process much easier.
What do you do when a parent or loved one passes away?
The answer to this question depends on whether your loved one left a will, a trust, or neither. If your loved one left no estate planning documents, you should speak with an attorney about whether a probate or other procedures for a smaller estate is necessary. If your loved one left a will, then the person named as the executor of the estate should speak with an attorney about filing a probate case for a valuable estate or starting the process distributing a smaller estate. If your loved one left a trust, then the person named as the successor trustee should speak with an attorney about starting a trust administration.
I already have a will and or a trust. Do I need to update these documents?
If you have a binder full of estate planning documents sitting in a file cabinet in your home or office, chances are you may be wondering if and when you should update those documents. Has there been a major change in your life since you prepared those documents? Did you get married? Divorced? Have a child? Come into a large fortune? If so, you need to update your estate plan. Even if there hasn't been a major change in your life, it is probably a good idea to review and update your documents every 10 years or so because your wishes may have changed since the last time you reviewed them.
