Last Will & Testaments
Establish Essential Safeguards
Wills, in general, provide a basic level of protection and still require going through the probate process. A will alone is not sufficient for estate planning, which is why many estate plans tend to be trust based.
A basic will, is also known as a Last Will & Testament, it has three main purposes: to distribute your assets and property to the person or people you choose; to name an executor or personal representative to wind up your affairs; and, to assign a guardian to care for your minor children. However, a will must still go through the time-consuming, expensive, and public probate court process. If you want someone such as your partner or a minor child to receive money over a period of time, the court may stay involved until the last amount is paid, which could take years.