Today we’re talking about wills. And specifically, the difference between a simple will and a complex will. So you might have heard those terms thrown around. There are many ways to define simple and complex wealth. When you pass away your will appoints executives, beneficiaries, etc. A simple will passes your accumulated wealth onto your children, spouse and friends.
A complex will includes things like testamentary trusts, which are more complicated. That’s what the reason for the word complex will. And what it does is it allows you to leave money in a trust for your beneficiaries rather than giving it to them directly.
If you’ve got a large amount of assets that are owned a complex will that uses testamentary trusts might be for you. There are tax reasons why using a trust is a better idea. A complex will is also useful if you have a large number of beneficiaries between whom your assets will be divided.
As always, it’s something that you want to get advice about. You want to have a very candid discussion with your financial advisor about this.
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More about this Show
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.