What's the Deal with Neglected Wills?

Physician's Money Digest, January31 2004, Volume 11, Issue 2

Planning for your loved ones' future is essential and setting up the right kind of will and trusts should be a priority. Experts suggest the following tips for setting up your estate. Consider capping the percentage of your estate that goes into a bypass trust—a trust that leaves a large amount of your estate to a person other than a surviving spouse. Limiting this amount may free up the surviving spouse from dependence on the trustee.

Avoid asset-specific wills since asset values can change. Instead, consider leaving a percentage of your estate to heirs. You may also provide a trust for each heir on top of a portion of your estate. A trustee would be responsible for distributing the trust in the event that an heir might be too young or need funds further on in life. Another option is an incentive trust; a trust that has provisions that reward goals like getting into college or getting married.