Will

Document that dictates exactly how a persons estate should be handled after their death.

• Can appoint a legal guardian
• Distribute Assets
• Per Stirpes - When a beneficiary dies, the money goes to the relatives of them not redistributed among living direct beneficiaries
• Needs an executor
• Common Types
  • Testamentary Trust - A trust created by a will
  • Pour Over - Puts all of the stuff not already in a current trust into it.
  • Simple WIll - Simply distributes all assets at a given time, and also designates a guardian for unattended minors.

Taxes

Estate Tax

• Payed upon tax from estate by executor
• Federal for the super wealthy

Inheritance Tax

• Payed by the beneficiaries if applicable by states.