Wills and Trusts
Are you concerned about how your property will be dealt with and by whom when you pass away?. A Last Will and Testament and the creation of a trust will put your mind at ease so that you can be confident that you wishes will be carried out.
Last Will and Testament
Generally , a will is a legal document that coordinates the distribution of your assets after death and can appoint guardians for minor children if need be. A will is vital to have, as it allows you to communicate your wishes to an individual you trust that will carry out your wishes.
When there is no will
Without a will, the process of administering your estate becomes both more costly and time consuming. The person appointed to represent you may not the person you would choose. Further, the distribution of your Estate will be to your relatives, and may not include anyone that you want to give anything to. This is known as dying intestate, and the resulting settlement process may not produce the results that you would prefer for your survivors. You can prevent this from happening by having documents drafted that reflect your wishes. Your Estate will save both time and money
What Is a Trust?
A trust is traditionally used for minimizing estate taxes and can offer other benefits as part of a well-crafted estate plan.
A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. Trusts can be arranged in many ways and can specify exactly how and when the assets pass to the beneficiaries.
Since trusts usually avoid probate, your beneficiaries may gain access to these assets more quickly than they might to assets that are transferred using a will. Additionally, if it is an irrevocable trust, it may not be considered part of the taxable estate, so fewer taxes may be due upon your death.
Last Will and Testament
Generally , a will is a legal document that coordinates the distribution of your assets after death and can appoint guardians for minor children if need be. A will is vital to have, as it allows you to communicate your wishes to an individual you trust that will carry out your wishes.
When there is no will
Without a will, the process of administering your estate becomes both more costly and time consuming. The person appointed to represent you may not the person you would choose. Further, the distribution of your Estate will be to your relatives, and may not include anyone that you want to give anything to. This is known as dying intestate, and the resulting settlement process may not produce the results that you would prefer for your survivors. You can prevent this from happening by having documents drafted that reflect your wishes. Your Estate will save both time and money
What Is a Trust?
A trust is traditionally used for minimizing estate taxes and can offer other benefits as part of a well-crafted estate plan.
A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. Trusts can be arranged in many ways and can specify exactly how and when the assets pass to the beneficiaries.
Since trusts usually avoid probate, your beneficiaries may gain access to these assets more quickly than they might to assets that are transferred using a will. Additionally, if it is an irrevocable trust, it may not be considered part of the taxable estate, so fewer taxes may be due upon your death.