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The following article was published in our article directory on March 13, 2018.
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Estate Planning Guidelines: What You Want To Know Regarding Wills and Trusts.

Article Category: Legal

Author Name: Jeffrey R Loew, Esq.

Wills & trusts are a pair of legal documents that have few contrasts. Both are useful in estate planning and both essential to fulfill an estate plan. The one that you should choose depends on your preference, personal situation and what's important to you.

What is a Will?

You've probably heard of the document "Last Will and Testament." This document is the backbone of an estate plan that relates to legal issues including the child custody after your death.

A will is a file including information and names of individuals who will receive your property at your passing. A legal representative usually carries out the conditions of the said document.

The Last Will and Testament cover only the properties under your name. It doesn't include any income or properties held in trust or joint accounts.

A will is also easier to make and revise. It can be altered or revoked at any time while you're still alive. It's the simplest way you can legally declare "who gets what."

What is a Trust?

A trust is more tedious and costly to prepare compared to the last will. However, it allows trust administration that curbs the legal processes involving courts examining assets.

This document contains only the properties that the 'trustee' is legally holding. Unlike a will, the purpose of a trust is to plan for savings or plan for disability. It can also remain private if you wish.

Generally, this legal arrangement consists of a 'trustee' who holds the property for the 'beneficiary.' The 'trustee' could be an institution such as a law firm or bank, or a trusted person assigned with a fiduciary duty to distribute your properties before, at, or after your death.

The named beneficiary, in contrast, is the individual or individuals who will be given the belongings or personal properties. The recipients are labeled either as a Primary or Contingent.

Primary beneficiaries refer to the set of people who will get your inheritance after you're gone. If the be primary beneficiary dies prior to you, that person will not receive any proceeds.

Contingent beneficiaries are the people who will only become recipients of your death benefits if the primary beneficiaries die after you. The secondary beneficiaries will also just take whatever the primary beneficiaries leave.

How do Will and Trust take effect?

Ideally, a will and a trust work together. Nonetheless, since the two are individual docs, they sometimes intentionally or accidentally produce conflict with one another.

A will also typically supersedes a testamentary trust. Which means that the testamentary trust such as spousal trust, life insurance, or retirement plan proceeds will only take effect once the will takes effect. The 'trustee' of a testamentary trust will legally allocate your assets after your death.

A will takes effect just after you pass away. Whether or not there is a last will, wealth passes through probate administration to legally permit the properties to be dispersed. Probate usually takes six months to 1 year to carry out; therefore minimizing the involvement of court thru good estate plan will save time and money.

In case a provision in the Last Will and Testament is challenged, the attorney and recipient will have to face probate court. The common factors for probate litigation include dysfunctional families and sibling rivalries.

Unlike a testamentary trust, a living trust such as such as monies and other assets overrides a last will. This means that the trust will operate before the last will takes effect.

A living trust takes effect once you create it. In this legal procedure, you will transfer properties to the beneficiaries during your lifetime. It avoids probate, saves money, and provides privacy.

Signing documents and litigation process
Signing these documents is fulfilled under diverse rules. There must be two witnesses of legal age attending when signing a will. A trust, on the other hand, requires the stamp of authorization from a registered notary.

In the event that procedures of matters including guardianships, accounting, claims, will contests, breaches of fiduciary duties, and conservatorships arise, the people involved will need to fight under trust & estate litigation to review and consult standard practices, actions, and policies.

If that happens, beneficiaries, Trustees, or other reps have to seek the advice of a skilled estate litigation legal representative.

Keywords: Probate Administration | Probate Litigation | Estate Planning | Estate Litigation | Wills & Trusts| Trust & Estate Litigation | Trust Administration | Elder Abuse Litigation|Civil Litigation

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