Wills can be of various degrees of complexity and can be utilized to achieve a wide variety of family and tax objectives:
- If a will provides for the outright distribution of assets, it is often characterized as a simple will.
- If a will establishes one or more trusts, it is often characterized as a testamentary trust will.
Alternatively, the will may leave probate assets to a preexisting living trust, where it is characterized as a pour-over will. Aside from providing for the intended disposition of your property, there are a number of other important objectives that may be accomplished, such as:
- Designating a guardian for minor children
- Eliminating the requirement for bond
- Designating future custodians for minors