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Will Types

Simple will:
A simple will generally transfers everything you own outright to your surviving spouse, children or other beneficiaries. A simple will does not provide creditor protection for the assets you pass on to your beneficiaries. Once your spouse, children or other beneficiaries receive your estate, current or future creditors can attach those assets.

Pro: Prevents intestate distribution and allows you to decide who will receive your estate.Allows you to appoint a guardian for your minor children.

Con: Does not avoid probate unless the estate is less than $100, 000.
Comprehensive will:
A comprehensive will establishes testamentary trusts to hold your estate for the benefit of your spouse, children or other beneficiaries. Drafted correctly, a testamentary trust provides valuable creditor protection for your beneficiaries. After all, why leave your estate to your beneficiaries, if future creditors can take it away? Best of all, the trust can be structured so that your spouse, children or other beneficiaries have full control of their trust.

Pro: Prevents intestate distribution and allows you to decide who will receive your estate. Allows you to appoint a guardian for your minor children. Establishes testamentary trusts for beneficiaries.Provides creditor protection for beneficiaries.

Con: Does not avoid probate unless the estate is less than $100,000.

Pour-over will:
A pour-over will is often used in conjunction with a living trust. It transfers any assets that were not transferred to your trust during your lifetime and “pours” them into your trust upon death. Your estate will not avoid probate if the assets that “pour” into your trust are worth more than $100,000.00.

Tax-saving will:
A tax-saving will is the same as a comprehensive will with the addition of a testamentary, credit shelter trust designed to eliminate or minimize transfer taxes. A credit shelter trust can provide lifetime benefits to your spouse and children without having the trust assets included in their estate.

Pro:  Prevents intestate distribution and allows you to decide who will receive your estate. Allows you to appoint a guardian for your minor children. Establishes testamentary trusts for beneficiaries, provides creditor protection for their inheritance, and minimizes taxes.

Con: Does not avoid probate unless the estate is less than $100,000.