Basic Estate Planning Documents
In the absence of a will, a party’s assets are passed by intestate succession. Basically, statutes will dictate who receives your assets instead of you. Intestate succession passes the property in accordance with a table of your surviving relatives in descending order depending upon who survives you. That order starts with your surviving spouse, then your children, then your parents, brothers and sisters, etc.
wills protect minor children
If you have minor children it is important to include trust provisions in your will in the event that both you and your spouse should predecease your children. Creating a trust allows for your property to be preserved and invested for the benefit of your minor child or children. The trust designates a trustee to manage and distribute the assets for the health, welfare, and education of your children. The trust can also designate the age at which your children have the right to receive the assets of the trust outright.
Your will should also designate a preferred guardian to have the care and custody of your minor children. The guardian may, in certain instances, be the same person who is designated as the trustee. Obviously, your guardian and trustee must be a person or persons in whom you have absolute faith and trust.
Divorced parents with minor children will absolutely want to have a will with trust provisions. In the absence of a will with trust, the parent’s estate will be placed in a guardian’s account for the benefit of any minor children. That guardian would be appointed by the Court and would, in all likelihood, be the ex-spouse.
basic estate planning package
I offer a very reasonable flat fee for the drafting of all three of these documents for both married parties, partners, or individuals. Call or e-mail my office for a quote on these services.
Contact Riley Law Office
If Attorney Tim Riley can be of assistance to you with your legal situation, please call Riley Law Office for a free initial consultation at (608) 833-3880 or email Attorney Riley. Attorney Riley will be happy to speak with you with no obligation on your part.