| What does my Will really do?… Keep reading:
CLIENT QUESTION:
I do not plan on signing an irrevocable trust to protect my assets from Medicaid. I just want a Last Will and Testament. Could I just write in the Will that my kids are my Beneficiaries on my house?
MY RESPONSE:
An irrevocable Medicaid trust is not for everyone. It is only right for clients whose goal it is to protect their assets from the cost of long-term care. If that is not your goal, that is fine.
Instead, depending upon a Will to carry out your wishes is the traditional method of transferring your assets after your death. It is not automatic, as the Will must first go through probate, which may or may not be a big deal depending on your personal situation. Just understand that what a Will really does is transfer any asset you own that does not know where to go. A trust is one way to transfer assets, a Will is another. The Will can say that all your assets go to these people or that a specific asset, like your house, could go to someone else. |
