With the above in mind you would do well to understand the fact that your estate plan is not complete if you choose to execute a last will.
Yes, you can state your wishes regarding the distribution of your financial assets with this device. You can also include your choice of executor or executrix. In addition, if you are the parent of a young child you should include a choice of potential guardian when you draw up your will.
The last will is not the only will you are going to need however. You should also execute a living will stating your preferences with regard to the use of life support measures.
Another will that you may want to consider is an ethical will. This document is used to make your own ethical values available to your loved ones in written form.
Those who execute a revocable living trust to pass along assets to beneficiaries outside of probate may think that they don’t need a will. In fact, there is a special type of will called a pour-over will. This is recommended for people who have executed living trusts because you may not have placed everything that you own into the trust while you are alive.
This type of will directs personal property into the trust at the time of your death.
- What You Need to Know about the New York Medicaid Estate Recovery Program - June 15, 2022
- How to Decide Which Kind of Last Will and Testament Is Right for You - June 1, 2022
- How to Be a Caregiver from a Distance - May 25, 2022