Last Will and Testament
If you die with assets in your name alone, those assets will pass through probate. If you do not have a Will, your assets pass according to the State’s rules, known as Intestacy. A Will DOES NOT avoid probate, but it lets you decide who will get what is left of your stuff after the probate period runs.
The advantages of a Will over no Will include:
- It lets you name who gets what, and in what proportions;
- You can protect your loved ones from creditors and predators with an enhanced Will that includes a testamentary trust;
- You can instruct the Court to waive bond and allow unsupervised administration of your estate, which makes the job a little easier for your personal representative; and
- You can name your preferred guardians for your minor children.
A Last Will and Testament DOES NOT:
- Avoid the expense, time, and publicity of probate;
- Guarantee your wishes will be followed by the Court; or
- Protect your assets during your lifetime.
For more information about probate, Last Wills and Testaments, and Trusts, contact Midwest Elder Law Firm today to sign up for a free, no-obligation workshop.
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