Wills

A will is a legal document by which people may designate the names of those individuals or organizations to which their assets should be distributed at death. Not all types of assets can be passed through a will.

Although wills may be less expensive initially, revocable trusts are much more cost-effective in the long run. This is because wills only become effective upon the death of the client; the will has no immediate impact while the client is alive. And, of particular note, wills do not account for client disability. With will-based planning, powers of attorney must be drafted in the event incapacity occurs. However, a financial institution may refuse to accept a power of attorney signed more than five years ago.