A will allows you to appoint the executor of your estate, appoint guardians for your minor children, and apportions your estate to whomever you wish. In the event you decide to create both a will and a trust, it is important to know that how your assets are allocated between these two instruments could impact the overall tax liability of your estate and the cost your heirs will incur in taking the estate through probate if you own assets in your own name. For this reason, it’s critical that the will you create works in conjunction with the structure of your trust and your other estate planning documents.
Videos
Reasons for having a Will - WUSA Channel 9
Estate Planning - Dying without a Will