At a minimum, a will should accomplish the following:
When it comes to estate planning, wills and trusts are essential tools. A prevailing misconception regarding this subject is that wills and trusts only concern the wealthy. However, the fact of the matter is that estate planning is a necessary for all people. An estate plan provides the legal mechanism for transferring property upon your death in a manner which recognizes your wishes and addresses the needs of your survivors. For many people it also involves creating a plan that will take care of essential obligations and affairs in case of disability and critical personal medical choices, which sometimes must be made toward the end of life. In short, estate planning involves much more than the division of assets.