Will and Last Testament
Creating a will and last testament is one of the most important things you can do to protect your family, loved ones, and assets in the event of your death. Although many of us are tempted to keep pushing this task into the future, it is something that every adult should take seriously. A will and a last testament can make all the difference in the world for making the monetary and logistical aspects of your death more manageable for your loved ones.
What Can a Will Do For You?
Puts the Decision-Making Power in Your Hands
When you create a will, you are the person who determines what happens after your passing. Instead of leaving it up to your family members to try to figure out what you would have wanted, you get to make the decisions about how your personal property and finances are divided.
Allows You to Name an Executor
Who do you want to oversee the ins and outs of what you leave behind? This trustworthy, personal representative in your life is given full legal authority to execute your will when they are specifically named in the legal document.
Appoint a Guardian for Your Children
In the unfortunate event that your minor children lose you before they are of legal age, a will can determine who you entrust to care for them in your place. This protects your kids and ensures that you know they will be cared for by the person of your choice, rather than leaving this up to family members or the court system to decide.
7 Steps to Creating a Simple Will
Writing a will isn’t always the most-pleasant item on your to-do list. Many of us avoid estate planning when possible. In fact, a survey by AARP noted that 2 out of 5 Americans over 45 do not have a will. Still, making a simple will doesn’t have to be complicated.
How Does Trust Administration Work?
Trust administration begins when the grantor appoints a trustee to manage the trust and distribute trust assets upon their death. The trustee is required by law to protect these assets and the interests of the trust beneficiaries. At every point, the instructions of the trust, which are the grantor’s wishes, should be followed.
A trustee is responsible for several trust administration tasks that can be done with the guidance of an attorney. Typically trust administration involves taking an inventory of assets and perhaps having their values appraised. Taxes and other debts related to the trust must be paid and tax returns filed. Investments may need to be managed. Finally, trust beneficiaries must be notified, and their share of the trust will be legally transferred to their names.
At every step, there are trust documents that need prepared and submitted and deadlines to watch. Trusts must be managed according to state laws. A trustee who fails to act in the interest of beneficiaries can be held liable for lost assets. However, with the help of a trusted attorney, trust administration can go smoothly and to the satisfaction of all involved.
Types of Wills
Testamentary Trust Wills
Handwritten & Oral Wills
Resources for Creating Your Will
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What’s The Difference Between a Trust and a Will?
No one likes to think about the end of their life, but it’s important to do so in order to plan for the security of your family and property. It’s a daunting task and not only because it feels unpleasant. It’s hard to know what to do in order to make sure your family and property are taken care of.
Contact an Estate Planning Attorney Today
To learn more about how Port Legal can help you navigate the complicated and sometimes confusing world of wills and trusts, contact us today.