A will is the foundation of any estate plan. A well-drawn will usually contains provisions that cover the naming of an executor, the appointment of a guardian for minor children, and when appropriate, the creation of trusts.
- Living Trusts: A living trust contains provisions for the management of assets in the event of an individual’s incapacity or disability, and directions for the distribution of assets at death. Assets in the living trust do not go through the probate process. A “pour-over” will gives instructions for the disposition of all assets not owned by the living trust.
- Irrevocable Life Insurance Trust: An ILIT can be established to own a client’s life insurance policies and pay the premiums. When the insured dies, proceeds of the life insurance policy pass into the trust, are not included in the estate, and can be structured to provide benefits to a surviving spouse, children, grandchildren or other beneficiaries. Once the trust has been established, its provisions generally cannot be changed.
- Special Needs Trust: A vital tool for families providing for the special needs child, the special needs trust can help provide comforts and items not otherwise provided by public assistance programs