Trusts and Wills allow you to dictate how your property will be disposed in your absence, after your death. A Will is document that sets out how your estate should be divided among your legal heirs after your demise. A Trust allows you to transfer property to a third person who will hold and use the property for a beneficiary of your choice in accordance with the terms of the trust. Lawyer for Probates, Letters of Administration, Will can help you in this and ensure the smooth proceedings.
A will, also called a testamentary will, is a legally enforceable document stating how you want your affairs handled and assets distributed after you die.
It is an important component of estate planning. If you have minor-aged children at home, it's important to have a will that appoints guardianship of your children. If a guardian is not appointed at the time of death, your surviving family will have to seek help in a probate court to have a guardian appointed for your children. The person appointed may not be one whom you would have wanted to be entrusted with your kids. You should also consider how you will pass a portion of your estate to a minor child through a will.
A will places your decisions in the hands of the judge presiding over your estate transfer. Your testamentary will carries out your wishes from beyond the grave. A will also allows you to give insight and direction over the handling of assets your beneficiaries will receive. Within reason, you can address how you would like them to use what you have left them. While children, natural or adopted, have a statutory right to inherit, a will allows you to disinherit a child if you choose to do so (check your state laws for the specific details about this). A person can disinherit a spouse as well, under certain circumstances. However, you will need to be aware of the laws governing your state—whether it is a common law state, a community property state, or an equitable distribution state; a person may only disinherit a spouse in a community property state. Each has a different set of stipulations on what and how much can be disinherited. Note, too, that a person can only disinherit a spouse or child through a will. Seek legal counsel in the creation of a will is imperative. A will can be effective in an estate transfer and other legal proceedings after death, but there are drawbacks of which you should be aware. Your estate will become part of the public record, for example, and anything left by a will must go through probate court. Lawyer for Probates, Letters of Administration, Will can be of a great help and make it easy for you in times when you need the most of the legal guidance and consultation.
A trust is another method of estate transfer—a fiduciary relationship in which you give another party authority to handle your assets for the benefit of a third party, your beneficiaries. A trust can be created for a variety of functions, and there are many types of trusts. However, there are two categories: living and testamentary. A will can be used to create a testamentary trust. You can also create a trust for the primary purpose of avoiding probate court, called a revocable living trust. Let's focus on a revocable living trust for the purpose of estate transfer. Like a will, a trust will require you to transfer property after death to loved ones. It is called a living trust because it is created while the property owner, or trustor, is alive. It is revocable, as it may be changed during the life of the trustor. The trustor maintains ownership of the property held by the trust while the trustor is alive.
The trust becomes operational at the trustor’s death. Unlike a will, a living trust passes property outside of probate court. There are no court or attorney fees after the trust is established. Your property can be passed immediately and directly to your named beneficiaries. Trusts tend to be more expensive than wills to create and maintain. A person called a trustee will be named in the document to control the distribution of assets following the wishes of the trustor, in accordance with the trust document and its mandates. This is also an effective way to control the passing of your estate beyond the grave. Lawyer for Probates, Letters of Administration, Wills can be of a great help and make it easy for you in times when you need the most of the legal guidance and consultation.