Lawyers Will and Trust
Before we delve into what estate planning is, it’s best you are aware of what the term “Estate” is. With the knowledge of an estate, you should be able to…
Although they are different legal instruments, Wills (also referred to as “Testaments”) and Trust agreements both highlight the power of an individual or several individuals to plan and decide how their assets, money, funds and property will be distributed upon this person’s death or upon a certain event. Wills and Trusts are extremely powerful tools to enable individuals to protect their property if they become incapacitated, if they die or if they can no longer manifest the way they want to distribute their assets. Importantly, Wills and Trusts enable an individual to plan ahead and avoid later disputes regarding a deceased person’s assets.
A Last Will and Testament is a document with a legal value and authority if executed properly and under the conditions prescribed by the law. A Will sets the way the decedent’s property will be distributed and to whom it will be distributed, upon the decedent’s death. After the passing of a testator (the person who executed a Will), a Last Will and Testament must be admitted into probate where its validity will be examined. The so-called “probate proceeding” will take place at the Surrogate’s court where the decedent had his or her last permanent residence.
A Trust is a legal agreement by which a individual owning some property (a Grantor) entrusts another person (a fiduciary, a trustee) as the title owner of the property for the benefit of one beneficiary or several determined beneficiaries. There are multiple types of trust arrangements. The drafting and preparation of a trust must be tailored to the client’s needs, personal or financial objectives and intent with his or her property regarding the beneficiaries of the particular trust. A trust, regardless of the type, is a complex document requiring an experienced attorney to achieve a client’s goals and ensure its validity.
Before we delve into what estate planning is, it’s best you are aware of what the term “Estate” is. With the knowledge of an estate, you should be able to…
Totten trust is a type of trust that allows a grantor place funds into an account for a named beneficiary to get it after his or her death. A named…
Anyone who has in-depth knowledge of what a Totten trust is, knows quite well that it is the best way to avoid probate. If peradventure you are planning your estate…
Many people may feel that they have adequately put their affairs in order by having a last will and testament properly drafted and executed. While it is imperative to have…
Will and trust are the two most common documents in estate planning. However, the term will and trust are often confused but they are really very different. It is important…
Trusts come in different forms but there are two major classification or types of trusts. A trust could either be revocable or irrevocable. As the name implies, the former can…
A minor child is one under 18 years of age. By law, any child under 18 cannot inherit property bequeathed to him or her whether or not there is a…
A revocable living trust is created for the purpose of protecting your assets and enjoying their benefits during your lifetime and then passing those assets to your heirs without having…
How does creating a living trust help me? A living trust is a very important document in estate plan that many people take for granted. Most people are more concerned…
Revocable trust, also known as living trust are effective tools to avoid probate and to ensure the safety, protection of your estate even after transferring them to desired beneficiaries. Through…