Information on Wills, Trusts and Estates Information & Benefits and Types of Trusts

2019/02/25

All of us are well aware of the fact that death is a reality and can happen at any time. However, most people, for one reason or another, try to ignore the importance of drafting a will in their earlier days.

A will gives you the power to decide what should happen to your property and other assets after your death. By writing a will, you can make sure that the immediate family members and other your dear ones will definitely inherit what you want them to get.

It is the best way to ensure that upon your death your hard earned money and inheritance will be protected and divided as per your wishes.

In most societies, when a person dies, his or her estate goes to the immediate family members to be equally divided among them. However, the practice of equitable division of property may not be right in all situations.

Sometimes, a family member may need more financial support than the other members of the family. You may also want to give a share of your wealth to a person who is not your immediate relative, but is very close to your heart.

There are many times when a person does not want to pass his or her estate on to the spouse or a child fearing that they are not capable of properly managing and spending the resources. In this circumstance, a trust can be more appropriate than a will.

A trust is an arrangement in which you can entrust your property or estate to a trustee.   The trustee will manage your properties for the benefit of your children or any other beneficiaries of your trust.

The trustee has the legal obligation to carry out duties in accordance with the terms and conditions of the trust agreement. A trust can protect your wealth from being wasted and destroyed by incapable inheritors. Moreover, unlike a will, the trust does not require probate or court approval.

There are different types of trusts for different situations and an attorney can assist you to establish a trust that fulfills the requirements and needs of your loved ones.

personal-finance

MORE ABOUT Information on Wills, Trusts and Estates Information & Benefits and Types of Trusts

Historia amp

1