A Last Will and Testament controls who receives your assets upon passing.
By having a properly drafted and valid Last Will and Testament (also known as a Will) you can detail the ultimate disposition of your assets upon your passing. Without a valid Will, the laws of intestate succession will control and may not provide for distribution as you may wish. A Will is not only for the elderly as even young parents without many assets can benefit by naming guardians for their minor children in the event of their untimely death. While the selection of the guardian always remains up to the court, in most cases, the court gives great preference to those persons named by the natural parents.
We universially advise all clients and prospective clients that they should have, at a minimum, a Will. A properly planned Will can also provide protection for assets that will pass to a significant other that is receiving public benefits. This alone may make a simple Will well worth the investment. In most cases we encourage our clients and prospective clients to invest in a revocable living trust with a pour-over will. The benefits of this type of planning tool can be found by clicking here.