Canton Wills Lawyer
A simple will is an essential part of any estate plan. Wills are used to name guardians of minor children, distribute inheritance to heirs, and let your loved ones know about your burial wishes. But there are other types of wills that may be of use in your estate plan, including testamentary trusts, living wills, and joint wills. Canton wills lawyer Brian S. Karpe assists clients with wills, trusts, probate administration, and everything else regarding estate planning.
Simple Will
The bare minimum you need in your estate plan is a simple will. For many people, a simple will is enough. A simple will should name a personal representative, name a guardian for any minor children, and name beneficiaries of your assets. If you have children from another marriage, own a small business, have a high net worth, believe that your will may be contested, or want to avoid probate for your loved ones, you may need more than a simple will.
Testamentary Trust
A testamentary trust is a legal tool used by people who want to provide a level of control over the assets they leave behind, such as conditions on inheritance (age based, for example). The testamentary trust is created under a will, and only comes into effect when the testator passes away. Because the trust does not actually exist until they die, they are able to make changes whenever they choose, unlike an irrevocable trust.
Living Will
A living will (advance medical directive) is a legal tool used to define what types of medical procedures and care you want in the event that you become incapacitated. Living wills are only used when you cannot make the decision for yourself, and the condition is permanent, meaning there is no chance of recovery. As such, living wills are used to make end of life decisions—what you would and would not want to be done to keep you alive.
Joint Will
Joint wills are usually used by parents with children. Typically, when the first spouse dies, all of their assets get passed to the surviving spouse, and when the second spouse dies, the assets then go to the children. Joint wills are inflexible; when the first spouse passes away, no changes can be made. Because of this, joint wills are not always a good idea.
Call a Canton Wills Lawyer Today
If you are over the age of 50 and do not yet have a will, it is in your best interest to take this first step in estate planning. In fact, no matter your age, you need a will, particularly if you have children. A simple will is fairly straightforward to create, though it should be updated every five years, or whenever you go through a major life change, such as the birth of a child, a major change in finances, or divorce. An experienced Canton wills lawyer can handle all of this for you. Call the Law Office of Brian S. Karpe today at 860-217-1458 to schedule a free consultation.
