Wills

A will is a legal document that outlines your wishes and provides a plan for how they will be carried out. There are several different types of wills that can be tailored to meet your specific needs. The Law Offices of Colleen S. Patterson, can help you understand the benefits of drafting a well-thought-out will and explain the various options for leaving your estate to your beneficiaries.

What a Will Can and Cannot Do

A will can establish:

• Who will be in charge of your estate
• The guardian for your minor children
• A testamentary trust

A will does not cover:

• Joint tenancy assets
• Life insurance and retirement plans
• Assets held in a trust

A will does not protect your estate from going through court. If there are more than $150,000 of assets in your estate at the time of your death, the estate must probate. Proper estate planning may be utilized to avoid probate.