Wills
Simple And Complex Wills
Simple Wills
A simple will is a legally enforceable document that specifies how your assets and property should be distributed after you pass away. It can also be called a last will and testament.
At a minimum, your last will and testament should include specific and residual bequests to beneficiaries (those who will receive your assets and property), a designated executor and perhaps a successor executor or two who will administer your estate after your passing, nominating a trusted guardian to care for your minor children, and arrangements for the ongoing care of your beloved pet(s) after you're gone.
Additionally, your simple will may specify your interment or memorial service arrangements—maybe you would like to be cremated, buried in a pre-purchased burial plot under your favorite tree, or (as is becoming a more popular option) composting. Specifying your preference for one of these will assist your executor in handling your estate after your passing.
In general, a simple will is a good option if you have a less complicated estate to manage. That is, if you are under 50, have a smaller estate, and don't have a large collection of assets or any children, a simple will can effectively provide for your estate administration when you are gone.
Contact us today to schedule a free consultation to discuss your personal estate planning needs.
Simple Wills
A simple will is a legally enforceable document that specifies how your assets and property should be distributed after you pass away. It can also be called a last will and testament.
At a minimum, your last will and testament should include specific and residual bequests to beneficiaries (those who will receive your assets and property), a designated executor and perhaps a successor executor or two who will administer your estate after your passing, nominating a trusted guardian to care for your minor children, and arrangements for the ongoing care of your beloved pet(s) after you're gone.
Additionally, your simple will may specify your interment or memorial service arrangements—maybe you would like to be cremated, buried in a pre-purchased burial plot under your favorite tree, or (as is becoming a more popular option) composting. Specifying your preference for one of these will assist your executor in handling your estate after your passing.
In general, a simple will is a good option if you have a less complicated estate to manage. That is, if you are under 50, have a smaller estate, and don't have a large collection of assets or any children, a simple will can effectively provide for your estate administration when you are gone.
Contact us today to schedule a free consultation to discuss your personal estate planning needs.
Simple Wills
A simple will is a legally enforceable document that specifies how your assets and property should be distributed after you pass away. It can also be called a last will and testament.
At a minimum, your last will and testament should include specific and residual bequests to beneficiaries (those who will receive your assets and property), a designated executor and perhaps a successor executor or two who will administer your estate after your passing, nominating a trusted guardian to care for your minor children, and arrangements for the ongoing care of your beloved pet(s) after you're gone.
Additionally, your simple will may specify your interment or memorial service arrangements—maybe you would like to be cremated, buried in a pre-purchased burial plot under your favorite tree, or (as is becoming a more popular option) composting. Specifying your preference for one of these will assist your executor in handling your estate after your passing.
In general, a simple will is a good option if you have a less complicated estate to manage. That is, if you are under 50, have a smaller estate, and don't have a large collection of assets or any children, a simple will can effectively provide for your estate administration when you are gone.
Contact us today to schedule a free consultation to discuss your personal estate planning needs.
Complex Wills
A complex will is decidedly more complicated than a simple will in that it allows you to distribute your estate in a more detailed and controlled manner. Complex wills are often recommended for people with larger estates, complicated family situations, or specific estate planning goals.
Some common reasons why you might choose to create a complex will include:
- Extensive asset ownership where you own a variety of different types of assets, or even assets in different countries;
- Business ownership in the form of a complex business, or a business that may continue to operate after your passing;
- Coordination with one or more trusts, which might include creating a charitable trust, a special disability trust, or a testamentary trust;
- Incorporating conditional bequests (like providing for the future health, education, maintenance, and support of your minor children or grandchildren;
- Alleviating or minimizing taxes: to minimize the tax impact of your estate – this is a particular concern in Washington where the Estate Tax threshold for an individual’s estate remains $2.193 Million;
- Protecting assets by establishing a plan that involves using one or more irrevocable trusts to protect assets from creditors or bankruptcy, for example.
Schedule a free consultation today to discuss your unique situation and what will is right for you.
Complex Wills
A complex will is decidedly more complicated than a simple will in that it allows you to distribute your estate in a more detailed and controlled manner. Complex wills are often recommended for people with larger estates, complicated family situations, or specific estate planning goals.
Some common reasons why you might choose to create a complex will include:
- Extensive asset ownership where you own a variety of different types of assets, or even assets in different countries;
- Business ownership in the form of a complex business, or a business that may continue to operate after your passing;
- Coordination with one or more trusts, which might include creating a charitable trust, a special disability trust, or a testamentary trust;
- Incorporating conditional bequests (like providing for the future health, education, maintenance, and support of your minor children or grandchildren;
- Alleviating or minimizing taxes: to minimize the tax impact of your estate – this is a particular concern in Washington where the Estate Tax threshold for an individual’s estate remains $2.193 Million;
- Protecting assets by establishing a plan that involves using one or more irrevocable trusts to protect assets from creditors or bankruptcy, for example.
Schedule a free consultation today to discuss your unique situation and what will is right for you.
Complex Wills
A complex will is decidedly more complicated than a simple will in that it allows you to distribute your estate in a more detailed and controlled manner. Complex wills are often recommended for people with larger estates, complicated family situations, or specific estate planning goals.
Some common reasons why you might choose to create a complex will include:
- Extensive asset ownership where you own a variety of different types of assets, or even assets in different countries;
- Business ownership in the form of a complex business, or a business that may continue to operate after your passing;
- Coordination with one or more trusts, which might include creating a charitable trust, a special disability trust, or a testamentary trust;
- Incorporating conditional bequests (like providing for the future health, education, maintenance, and support of your minor children or grandchildren;
- Alleviating or minimizing taxes: to minimize the tax impact of your estate – this is a particular concern in Washington where the Estate Tax threshold for an individual’s estate remains $2.193 Million;
- Protecting assets by establishing a plan that involves using one or more irrevocable trusts to protect assets from creditors or bankruptcy, for example.
Schedule a free consultation today to discuss your unique situation and what will is right for you.