What is a Will?
A Will allows you to declare how you want your property to be handled and distributed at the time of your death. Setting up a will is a simpler and less expensive estate planning method than setting up a living trust. It allows for you to:
- decide who will inherit your assets and, in particular, make specific gift to the people you want to receive them
- name a guardian for your minor children
- decide who will manage your minor children’s inheritance until they become of age to received full distribution, and at what age it will be distributed
- no need to retitle and/or transfer all assets to a trust
- maintain control over your assets
- restrict creditors to a final cut-off date for bringing claims against your estate
Wills are subject to estate taxes and probate court, and become public record upon filing. Probate can be slow and costly.
