A will is a legal document you leave behind in the event of your death. It tells the court where your money should be allocated, and dictates intended familial structures should you have dependents. A will is one of the most important parts of the estate planning process.
After you pass away, your money isn’t just automatically distributed. It has to go through the probate process with the courts. This process can be lengthy. Waiting for months upon months to access the funds in your estate may prove harmful to your family, especially if you were a primary breadwinner and you passed away suddenly.
That’s why having a trust fund is such a good idea. Assets held in your trust will not be subject to probate. And assuming you pass away unexpectedly, you can make a pour-over will which will cover any assets you weren’t able to get into the trust prior to your death.
To read more about writing your last Will & Testament, click here!