Wills and Intestacy:
A will allows the testator (the person creating the will) to
specify:
- Who receives property at the testator’s death.
- Whether beneficiaries receive gifts outright or in trust.
- Who will act as personal representative.
- Who will be the guardian of minor children.
In the absence of a will, these matters are settled by state
law.
Who Needs a Will?
- Include persons who are not heirs. Wills are needed to
provide for a person who is not an heir under state law,
such as unmarried partners, stepchildren, friends, chari‐
ties, and in-laws. - Exclude an heir. Heirs are the persons who inherit an
estate under state law in the absence of a will. A will is
needed to prevent an heir from inheriting probate assets. - Minors and disabled adults. Trust provisions can be
included in a will to delay receipt of an inheritance or
to allow assets to be used on behalf of an adult who is
disabled. - Estate tax planning. Married couples can include trust
provisions to reduce estate tax.
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If you or someone you know are looking for a tax professional, feel free to contact Rajesh Gulati of Broad Crossing, Inc @ 1-703-786-4322 he is a tax professional who is also a member of our QBO Mastermind network of expert tax and bookkeeping professionals.
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