Wills With Disclaimer Trusts – Flexible Tax Planning Tool
“Wills speak at the time of death”. This is a very old saying, but still so applicable today! Your will is your voice after you die. Your last will and testament is a legal document in which you can express how you want your property to be distributed after your death, who you want to be in charge of said distribution and who will take care of your kids. In a will, you can also provide for your pets, your great grandmother’s silverware, your coin collection, your antiques and anything else you want to end in a certain person’s possession.
If you die without a will, you are said to have died intestate. In that case the law of the state in which your property is located will determine the way your property will be distributed after your death, regardless of what your wishes were. If you want to have a word on who is going to get what from the property you leave behind, you must have a will. A simple will is the only way you can control what is going to happen with all your affairs after you die.
You can, if you wish, just write your Will yourself. You do not even have to do it on a computer or have it typed out. You can simply create the necessary document by writing it out by hand. You should carry out all of the necessary legal requirements to do with witnessing it and so on, but it is perfectly possible to do everything yourself. Would it be a good idea to get at least some guidance about things, though? Read the next tip for some help.
There are mountains of ways of getting further knowledge on this subject. You can look at the internet but a much better idea is to get a book that tells you everything that you need to know. On line book shops will have a selection and you can also check your local public library if you want to carry out the research for free. You might not be able to ask questions about any queries that you have but you should be able to produce a legally valid document that should achieve the aims that you wish. Do you want to make things even easier? See the next point.
You can purchase kits that provide help and advice about writing your Will. They normally give the basic legal requirements and some help on the various things that you need to bear in mind. Crucially, they also include a template or form that you can complete. This makes things very easy but would probably only suffice for people who have relatively straightforward affairs. These might not be sufficient if you have children or more complex matters. They are probably not going to be a great deal of help if you want to reduce tax liabilities either. Would you like to deal with a real person and get answers to your questions? Then read the two further alternatives.
Another advantage of having a will is that in it you can designate an “executor”, a personal representative that will take charge of winding up all your financial affairs. This person, obviously someone you trust, will take your will to probate court. The probate court will determine the validity of your last will. It will determine if your will complies with all the law requirements in your state. If the court finds that your will is valid, your will is probated. That is, everything you stated in your will take place accordingly to your instructions. The court will appoint the person you chose to be your personal representative. The rest of the process will be handled by the personal representative under the court’s supervision.
The Disclaimer Will provides the surviving spouse the flexibility to create a comfortable financial situation and allow for a substantial tax savings. Married couples who believe that the Disclaimer Will can benefit them should seek the assistance of an experienced estate planning attorney
Resource Author Francisco R. Higueras
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