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Succession Planning: Readers and Experts Talk
Tax changes likely for estates
Monday, November 26, 2007
Use a will or a trust in estate planning?
Many people are confused about whether to use a will or a trust in estate planning. Each has its advantages and disadvantages.A will is a legal and binding contract that allows you to name a personal representative to administer your affairs upon your death. You can name a guardian for any minor children, provide for special needs for children or a spouse and leave instructions for the distribution of your assets. In the will, you can leave property to someone who would not otherwise inherit under the state’s intestacy law — if you passed without a will. You can disinherit someone via your will, except for your spouse unless the spouse agrees to not receiving the inheritance. Read more...
posted by Charles Monat Associates at 10:55 AM
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