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Olsen Skoubye & Nielson, LLC
999 Murray Holladay Road, Suite 200
Salt Lake City, Utah 84117
(801) 365-1030 (phone)
(801) 365-1031 (Fax)
info@osnlaw.com
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Will
What is a Will:
A Will is simply a written directive to the probate court as to how property is to be distributed at death, who should be the personal representative (previously called an executor) to manage the estate, and who should be the guardian of minor children. Wills do not avoid probate! They plan for probate. Wills have to be probated to be given effect. They also provide no protection against incapacity.
A “Simple Will” is a will that passes the assets to a named individual or individuals and generally contains no tax planning trust provisions or testamentary trusts for minors. The usual simple will is set up to distribute to the survivor of the couple and then, after the death of the survivor, to the children equally.
A “Complex Will” is a will that contains testamentary trust provisions. A complex will will create a trust at the death of the testator (the person making the will) which may help avoid taxes, provide for a delay in distributions, or other goals that cannot be accomplished with a simple will alone. Most people want a complex will when the differences between the types of wills are explained.
A “Pourover Will” is a will that is used in conjunction with a living trust. It acts as a safety net to ensure that the testator’s wishes as set forth in the trust are carried out, even if the assets are not placed in the trust. Ideally a pourover will sits dormant and is never used.