Wills:
Complex Wills
A Complex Will sets forth the wishes of the person writing the Will, the testator, and distributes assets after his or her death with certain restrictions. A common gift in a Complex Will reads "to my husband, Joe, if Joe survives me, for his life, and at his death if he survives me, the remainder to be distributed to Mary." The gift is held for Joe's benefit and use for life. Other restriction can also result in a will being considered a Complex Will. For example, a gift may be held for the benefit of a child until he or she attains a certain age, or attains a certain goal, such as after graduating from college. These restrictions imply that a trust will exist for the benefit of the person receiving the gift until the restriction lapses.
A Complex Will can be likened to a movie playing at death. The movie captures what not only what the testator owned at death and who is living at the date of his or her death, but it continues until the restriction lapses or the goal specified is attained.
Writing a Will does not ensure that Probate will not occur.
Learn more about Probate
Learn more about Wills
Learn more about Simple Wills
Learn more about Pour Over Wills
Learn more about Trusts
For more information contact us at 847-253-8800 or
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
|
