In the information age, a lot of people wonder if it’s a good idea to spend money and time on legal services when it comes to will writing and estate planning. These days, online forms are tempting because of their low cost; however, relying on them can lead to costly mistakes.
What is a Will
This document makes sure your assets are divided among the people you choose. Also, it will identify who serves as Executor to handle the transfer of assets to your chosen beneficiaries. While a will does not avoid the probate process, it can make sure your wishes are carried out properly when you die. Without a will, the state will decide who gets certain assets. Unfortunately, this decision may not reflect your desires. Aside from making a will, it is essential to ensure your will is validated and enforced. That is why you need an attorney from The Ebbert Law Firm to help you.
Understanding How Trusts Work
These legal documents are part of an estate plan. They communicate your wishes on the division of your assets when you die. In general, a trust takes effect right away while a will takes effect upon your death.
A trust holds your property and offers the rules to handle the assets during your lifetime, when you become incapacitated, and when you die. All revocable trust assets are held in the Trust’s name, but your social security number is used to file taxes. A designated Trustee will manage and distribute the assets moved into the Trust. As long as you have the capacity, you can amend or revoke the trust.
In addition, you can make sub-trusts for beneficiaries within a trust. These sub-trusts only take into effect when you die, but they can benefit your chosen beneficiaries who cannot take care of their inheritance responsibly. They allow you to set limits within the legal bounds. But a reliable lawyer will advise against controlling too much because you cannot be sure about the future needs of your beneficiaries.
What is a Will?
A will lets you designate a person to get your assets, raise your minor children, and administer your estate through the probate process. Sadly, a will has to go through the probate process, which means that your family may need to wait up to 2 years to get their inheritance. As a will should go through probate, it becomes a public record. A will may be sufficient if you do not have kids or real property, you are not planning to leave gifts to disabled or minor family members, and you want to give the inheritance to your chosen beneficiary without worries.
