About wills

Executing a will is the first step towards establishing an estate plan. While a revocable trust is superior for many reason, see revocable living trusts, a will is an excellent device for passing minimal assets to your loved ones or favorite charity. Unfortunately, upon death, a will is subject to the probate process. Probate is a lengthy and public process that can cost up to ten percent of the gross value of your assets in fees. Most people prefer that their hard earned money and assets go to their loved ones, rather than to lawyers, executors and the like.

In smaller estates, less than $100,000 in gross assets (including retirement funds, life insurance proceeds, and all other assets NOT including any debt), a formal probate will not be required. As such, a will may very well be appropriate. However, it is highly recommended that you speak to an attorney before making a final determination on whether a will or a trust is the best vehicle for you.

While Achtel Law Firm generally advocates living trusts over wills for estates larger than $100,000 in gross assets, we recognize that some estate planning is better than none. On that basis, a will is certainly superior to no plan at all. And as with any estate plan, it is extremely important to execute powers of attorney and a living will along with your will. For more information see information about powers of attorney/living wills.

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