Wills and Trusts

The future is anything but predictable. This is why it is so vital for individuals to prepare for anything that the future may hold for them. Yet, despite the fact that most individuals are in full agreement of the benefits that wills and trusts can provide, many people tend to put off having them written. In some cases, they wait until it is too late.Many people falsely believe that wills and trusts only service the requirements of the wealthy or affluent. However, the truth of the matter is that wills and trusts are for anyone who owns assets in any kind. Whether a person owns a home or personal property such as furniture, jewelry, or cash, a will or a trust will guarantee that your personal belongings are bequeathed in the manner and to whom you want without creating conflict among your loved ones.

Many individuals cannot distinguish the differences between wills and trusts. Most consumers often confuse the two terms for naming the same item. Trusts are a property management arrangement in which one person manages the assets on behalf of the beneficiary. Wills, on the other hand, are a legally binding testament that directs how to distribute one’s possessions after the creator of the will has died. However, if a will does exist, the will must go through a probate process in order to determine the veracity and authenticity of this last statement. Following the verification of the true nature of the will, the executor of the will becomes responsible for the estate and fulfilling the deceased individual’s last requests.

The probate process involves the following steps:

  • Provide evidence that the will is valid.
  • Create a list of all assets owned by the deceased.
  • Notify the individuals mentioned in the will.
  • Notify current creditors.
  • Have all assets appraised.
  • Pay off all debts and taxes.
  • Distribute all remaining assets as stated in the will.

If the deceased individual failed to create a will or trust, then the laws of the intestacy for the state will apply. The state will then determine the systematic distribution of the assets in question. This why having wills and trusts created before it is too late proves prudent. If you are interested in wills and trusts to use as a tool to bequeath your possessions to your love ones, then you should contact a lawyer that specializes in probate law. In order to be sure that your wishes will be respected and followed according to your requests after you are gone, you should seek the assistance of a probate lawyer who will be able to help you draft a will or trust.

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