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Wills

This is where it all starts. Regardless of what other documentation your estate plan may require, your will is the cornerstone of that plan.

Your will is a legally enforceable document, which should be professionally prepared, in which you clearly express in writing your final decisions about the distribution of your assets after your death and includes:

• who you have chosen to look after the administration and distribution of your estate;
• cash inheritances for certain beneficiaries;
• the distribution of particular personal effects;
• the final distribution of the remainder of your assets, taking into consideration ongoing obligations you may have to dependants or possibly former spouses;
• selection of a guardian to look after your minor children.

Your will may contain one or more trusts, where a portion of the estate is held 'in trust' for a beneficiary pending attaining a certain age; or may contain a specialized trust to care for elderly parents or a child suffering from a mental or physical disability.

A properly prepared will makes appropriate provisions for the possibility of a beneficiary predeceasing you or a trust beneficiary not living to the age of distribution of the trust funds and names alternate beneficiaries.

People with assets in foreign jurisdictions, or who own private businesses, may have more than one will, each one tailored to deal with a specific class of assets or those in a particular location.

As you can see from the foregoing brief overview, properly preparing a comprehensive will is not a simple task. Numerous concerns and issues must be considered, depending on your unique circumstances and those of your family.

A will that is not prepared by an appropriate legal professional very often results in an estate administration that is marred by confusion and disputes among beneficiaries. Our experience is that the financial cost alone of resolving these disputes is far greater (usually by a very significant multiple) than any "savings" initially realized from using the products offered by vendors, on the internet and elsewhere, of 'do it yourself' products. Certainly, this financial waste does not even begin to take into account the emotional cost of family discord, which may never be mended. Why even consider the terrible risk of leaving to your loved ones a legacy of torn family bonds and an estate diminished by costly litigation?

Our Estate and Business Succession Services Group is ready to bring our skills and experience to assist you with planning your estate and preparing your will. This will in turn bring you the peace of mind that comes from knowing that one of the most important and far reaching tasks that you'll ever need to do has been thoroughly and professionally completed.

If you would like to know more about this or other issues in estate planning, please visit the other information links for our Estate and Business Succession Services Group. Or call us and make an appointment with one of our lawyers in this Group. We look forward to hearing from you.

Contact:

Daniel C. Barichello dbarichello@kmblaw.com

Suzanna Winsborough swinsborough@kmblaw.com