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As long as a will is validly executed and a person's goal is not to avoid probate, there is no need for the expense of a trust. A trust is typically used in order to avoid probate. If an estate is small and simple enough with very few assets the expense of setting up a trust is not warranted over a will.
In general, either form of estate plan is fine. It comes down to personal preference but the important thing is that at least a will is in place so an estate passes based on the desire of the decedent not the state intestate (meaning without a will) laws.
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One more question please......It says in my will, "My Spouse.....as personal representitive of this will, with full power and authority to sell, transfer and convey any and all property, real or personal, which I own at the time of my death, at such time and place and upon such terms and conditions as my personal Representitive may determine, without obtaining a court order."
Is this similar to a Trust?....What does it mean exactly?...
This would be similar to a provision in a Trust. The difference is with a Trust, the named Trustee of the Trust has the authority to sell and distribute your assets. In a Will, the person who is assigned as Personal Representative has the authority.
What the provision means that assets can be sold by the Personal Representative without having to obtain a court order to do. But note, that the Personal Representative will have authority to do sell property as the Probate Court will have recognized the Personal Representative and granted him/her authority to administer the estate.
Also, if you recently remarried and your Will states all assets will go to your spouse, then your current spouse inherits your assets and unless other language is used in the Will, your children will not necessarily end up with your property.
All my best & encouragement.Please note that you are asked to rate my courtesy and professionalism, and notwhether the answer supports your legal position. I only receive credit whenrated 3 or higher. If for any reason you feel that a 2 or 1 rating isappropriate, please first give me the opportunity to address your concerns byclicking the "reply" or "continue conversation" tab.All states have intricacies in their laws and any information given is simplyinformation only and specifically is not intended to be, nor does itconstitute, legal advice. This communication does not establish anattorney-client relationship with you.
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