Estate Planning and Wills

Review of a Simple Will

The following is an in depth review of a simple will. We have provided an analysis of the important provisions usually contained in a will, so that you can understand the impetus for each provision. It is expected that you will consult with an attorney before deciding to prepare your own will.

Revocable Trusts and Irrevocable Trusts

Trusts can either be revocable or irrevocable. Each trust generally sets forth a provision which enables the Trustor to revoke the trust on the happening of one or more events. In a Revocable Trust, this revocation can occur at the will of the Trustor. Anytime the Trustor decides to revoke the Trust, he/she can.

Living Wills

In the unfortunate event that you become ill or mentally incapacitated, it is important for you to have a means of expressing what medical procedures you want to be performed before you become sick. It is surprisingly easy to do so with a Living Will. When creating a Living Will, you must be of sound mind and not incapacitated.

The Need for Healthcare Directives

Living longer in the United States is a great thing; however, this has caused a number of medical problems. Some of these issues and concerns have serious legal consequences. Quite simply, one of the problems is that many Americans are living into well-advanced years and as a result, they are suffering the effects of older age.

The End Result of Preparing a Will

Remember, the end result of having a will should be considered by anyone who is drafting a will. Your will quite simply states in effect, "Please transfer my assets to the following people." The key to understanding wills and probate is understanding that you are not there to sign the title of each of your assets over to another person because you are no longer living.

Revocation or Changes in the Trust

Revocation of Trust

If you have provided for a revocable trust, the trust can be revoked at any time. This revocation should be in writing and should be executed in the same manner as the trust was executed originally. There should be a notary attestation, just as in the original trust document.