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WHAT IS INVOLVED IN A WILL?

July 31, 2015

If you are a business owner, you should consider having two wills instead of one in order to minimize probate fees. A key decision, which needs to be made, is the executor and the trustee if a trust is created on your death. If you are leaving assets to a minor, how old is the minor and what age will they be when they receive their inheritance? If the child is 1 years old now and they will not receive anything until they are 30 years old, will your executor/trustee be alive in 29 years time? It may not be a good choice to pick a person who is 70 years old today to be your executor, the likelihood that they will be alive or in sound mind in 29 years in this example is slim. If your will does not allow for a change in executors, who will look after your estate for those 29 years?