Learning about Wills and Trusts
A will is a legal document, which if executed properly, states how your estate will be distributed, who the heirs are, and who is in charge of administering the estate. It does not begin to function until after the person has passed away. It also requires the heirs and administrator to open a probate case in court to legally transfer the inheritance.
When considering wills and trusts, two questions often arise with many estate planning clients:
Why are wills and trusts important?
It serves as a protective measure one can take to ensure the heir(s) receive the proper inheritance upon the testator’s death.
Unsure if wills and trusts are best for your needs?
It is beneficial to speak with an estate planning attorney early on in order to determine whether or not a will or trust is best for your estate planning and if so, what type of will or trust best serves your needs. Estate planning attorneys can walk you through the ins and outs of wills and trusts and help you determine how to best structure your estate.
Prior to meeting, one should prepare questions to ask and know what information and language to include in the will to prevent any issues at a later date. Proper estate planning can prevent problems down the road, however, one should fully understand why it is important to plan ahead and what measures to take to initiate the process. Stay tuned for the next post, where we discuss why it is important to plan ahead.