Last WIll & Testament
Your Last Will and Testament is a legal document that becomes effective upon your death and directs how your property will be distributed. It is important to have a Will for several reasons. First, it allows you to name an Executor or Personal Representative, who will be responsible for making sure your assets are distributed to your designated heirs. Second, it allows you to nominate a person or persons to serve as Guardian for your minor children. Finally, a Will lets you decide how your assets will be divided and distributed after your death – not the State.
Trust
A trust is a legal document through which your assets are placed into a trust for your benefit during your lifetime and then transferred to designated beneficiaries at your death. The most commonly used trust is a Revocable Living Trust, whose primary purpose is to allow you to manage your assets during your life and avoid Probate court administration after your death. One of the main reasons many clients choose a trust is to delay distributions to children and manage assets for minor children. A trust allows you to structure distributions over a period of time according to your wishes.
Contact Koler Law Office today to learn more about how a Will or Trust can benefit you or your loved ones.