There are a number of estate planning documents that the typical layperson may not have ever heard of, but the last will is certainly not among them. This document is the most frequently used estate planning tool and we all know that it can be used to arrange for the distribution of assets after someone passes away.
This is not the only type of will. There is the advance directive called a living will, and while these may not be as commonly understood most people do know what a living will accomplishes. With these devices you state your choices regarding medical procedures such as being kept alive via the use of artificial means.
A third type of will that you may have never heard of is the ethical will. For many generations people have shared ethical and spiritual values with their families through the authoring of one of these documents. Though they are not legally binding in any way an ethical will can certainly be a meaningful part of your estate plan.
The other will we would like to highlight is the pour-over will. Let’s say that you convey assets into a revocable living trust. You may not place everything that you own into the trust at first. And, you may have acquired property after you created the trust that remained in your personal possession at the time of your passing.
The pour-over will is used to allow for the trust to capture these personally owned assets at the time of your death.
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- What Can Good Estate Planning Do for You? (Part 1) - October 25, 2022