Estate Planning Basics: What is a Will?

Welcome to Estate Planning Basics! This series offers concise summaries of key estate planning topics. Whether you're new to the subject or need a refresher, our goal is to help you easily understand basic estate planning concepts.

Today, let’s tackle one of the most foundational estate planning documents: the Will.

Why is a Will Essential?

The Will is often considered the core document in any estate plan. Whether your plan is simple or involves complex trust arrangements, a Will is always included. Even if you have a Trust Agreement, you still need a Will to ensure complete coverage.

What Does a Will Actually Do?

Simply put, a Will directs how your assets will be distributed through probate to your chosen beneficiaries. Additionally, a Will nominates a guardian for your minor children—a crucial decision that protects your family's future.

Why is Having a Will Important?

Without a Will, your estate will pass through intestacy, meaning state laws determine asset distribution—not you. A Will empowers you to decide exactly how your property and assets are allocated, reflecting your personal wishes clearly and legally.

Moreover, in a trust-based estate plan, the Will acts as a "pour-over" tool, directing any assets not already owned by your trust into the trust upon your passing. This ensures all assets follow the planned distribution laid out in your Trust Agreement.

Key Points to Remember:

A Will is fundamentally a probate document but it doesn't mean probate is inevitable. Proper estate planning typically combines a Will with other tools and strategies designed specifically to avoid or simplify the probate process.

In short, while a Will forms the backbone of your estate planning strategy, it works best in harmony with other planning tools to provide comprehensive protection and ensure your wishes are fulfilled.