Although it is important for every individual to have an estate plan, the process of estate planning is often confusing and overwhelming. A recent article addresses several frequently asked questions concerning estate planning.
Those who have drafted a will often wonder where they should keep it. There are a variety of appropriate places to keep a will, including a safety deposit box, your attorney’s office, or even on file with the probate court in the county in which you live. No matter where you decide to store your will, it is important to be sure that your will is safe and that your heirs will be able to locate it.
Another frequently asked question concerns what information should be left out of a person’s will. Since a will must go through probate before it has any legal effect, any document that needs to be viewed immediately upon a person’s incapacity or death should not be included in a person’s will. These documents include advance directives, organ donation information, wishes for the disposition of a person’s remains and funeral instructions.
Finally, many individuals have a hard time understanding whether they need a will, trust, or both. To understand which you need, it is important to understand the difference between the two. A will takes effect only after a person’s death and it distributes non-probate assets. A trust takes effect when it is created and it allows a person to exercise extended management and control over his or her assets. It is good practice for everyone to draft a will and to add a trust if necessary.