Frequently Asked Questions - Estate Planning

Q: What is a will?

A: A will is a written legal document with instructions for distributing an individual's assets after his or her death. A will must be formally executed as required by state law to be legally valid and enforceable.

Q: How can a person change his or her will?

A: A will is typically valid and effective until it is revoked, destroyed, or invalidated by writing a new will. Alterations to an existing will, such as crossing out language or adding a new provision, do not usually meet the legal requirements for executing a valid will and do not affect the terms of an existing will; however, changes or additions to an existing will can be made by codicil. A codicil is a document executed in compliance with applicable state law that modifies an existing will or codicil.

Q: What is a trust?

A: A trust is a legal entity created to hold assets for the benefit of another person or entity. There are many types of trusts that can be used to achieve a person's or entity's estate planning objectives.

Q: What is a living trust?

A: A living trust, also called an inter vivos trust, is a trust which becomes effective during the lifetime of the person who created the trust. The person who created the living trust, called the creator, may change the terms of the living trust during his or her lifetime. Because a living trust typically contains instructions for managing trust assets during the creator's lifetime as well as instructions for distributing trust assets upon the creator's incapacity or after his or her death, a living trust usually eliminates the need for conservatorship or probate proceedings.

Q: What is probate?

A: Probate, also called proof of will, is the procedure by which a will's validity is proven to the satisfaction of the court. If the validity of a will is proven to the satisfaction of the court, the will's validity cannot subsequently be challenged on the grounds of fraud, testamentary capacity, or under duress; however, the probate of a will does not affect an interested party's rights to question the construction of the will, the legal effects of the will's provisions, or the validity of the will's provisions.