A last will and testament is a written expression of a person’s wishes as to the disposition of his or her property, to take effect after death.
What are the benefits of creating a will?
When an individual dies without a will, the state determines how his or her property is going to be distributed after death. The primary purpose of a will is to allow you to decide who will receive your probate estate (or money and property) – including property such as a home, a summer cabin, the family dog or cat, heirlooms and many other things too numerous to mention. By creating a will, the individual determines how his or her property is going to be distributed after death. Also, for most people, a will is an important part of planning to make sure things go smoothly after you die.
What kinds of wills are there?
Some of the more common types of wills are discussed below:
Simple Will
A simple will does not include trusts or other provisions designed to minimize federal or state estate taxes that might be assessed against a large estate. Also, where the testator’s entire estate is left to a surviving spouse, or in the alternative, is divided between the testator’s children.
Complex Will
A complex will, as compared to a simple will, includes trusts or other provisions designed to minimize federal or state estate taxes that might be assessed against a large estate. Also, where the testator’s estate is not left to a surviving spouse, or in the alternative, divided between the testator’s children; but includes numerous specific bequests to different individuals..
Pour-over Will
A will stating that certain assets are to be transferred (poured over) to a trust.
Elder & Disability Law Advocates a Worcester MA based law firm specializing in the issues affecting the elderly and people with disabilities. Wills and trusts, estate planning, durable powers of attorney, health care proxies, guardianships, conservatorships, estate administration, probate litigation, MassHealth benefits, medicaid advocacy, veterans benefits, litigation.
Serving clients throughout Worcester County and the Central Mass area, Middlesex County and the Boston Metrowest area, and all communities located therein.
