Desert Valley Legal
Support Services, Inc.
(702) 636-1947
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Estate Planning And Trusts & Why Learning How To Write
A Will Is Important
The use of estate planning and trusts involves the
transfer of property upon death. There are many factors to
consider when trying to figure out how to write a will.
But the most important factor to understand is that if you die
without a will, your state's laws of descent and distribution
will determine who receives your property by default. A
state's plan often reflects the legislature's guess as to how
most people would dispose of their estate and builds in
protections for certain beneficiaries, particularly minor
children. That plan may or may not reflect your actual
wishes. Understanding how to write a will as it
relates to estate planning and trusts allows you, not
the state, to determine how your estate will be dispersed. Estate
planning and trusts are at the center of the process
involving the use of a will and may involve the use of
professional advisors who are familiar with your objectives
and issues, understands your asset situation, how your assets
are owned, and your family structure. When learning how to
write a will, estate planning and
trusts may involve the services of lawyer, financial
planner, banker, accountant, life insurance advisor and a
broker.
You want to know how to write a will when estate planning
and trusts are an important part of this process. The
term trust describes the holding of property by a trustee in
accordance with the provisions of a written trust instrument
for the benefit of one or more persons called beneficiaries. A
person may be both a trustee and a beneficiary of the same
trust. A trust created by your will is called a testamentary
trust and the trust provisions are contained in your will.
Estate
Planning And Trusts & How To Write A Will Using A
Revocable Living Trust
A living trust may be revocable or irrevocable. Either type
of trust can be designed to accomplish the goal of property
management, assistance to the settlor in the event of mental
or physical incapacity, and disposition of property after the
death of the settlor of the trust.
A "living
trust" is legally in existence during your life, has a
trustee who is currently serving, and owns property which you
transfer to it during your life. While you are alive, the
trustee (who may, or may not, be you) is responsible for
managing the property as you direct for your benefit. Upon
your death, the trustee is generally directed to either
distribute the trust property to your beneficiaries, or to
continue to hold it and manage it for the benefit of your
beneficiaries. Like a will, a living trust can provide for the
distribution of property upon your death. Unlike a will, it
can also (a) provide you with a vehicle for managing your
property during your life, and (b) authorize the trustee to
manage the property and use it for your benefit, or the
benefit of your family, if you should become incapacitated,
avoiding the appointment of a guardian for that purpose.
Desert
Valley Legal Support Services, Inc. Can Assist You With Your
Estate Planning And Trusts At A Reasonable Price
Estate planning and trusts are not only for the wealthy but
the cost of preparing for that fateful day can anyone a heart
attack. Many people with limited assets choose to create
trusts either during their life or in their wills for the
benefit of their children in case both parents die before all
their children have reached an age deemed by them to indicate
sufficient maturity to handle property. Desert Valley
Legal Support Services, Inc. can help prepare the legal
documents at a significantly lower cost than an
attorney. Contact Desert Valley Legal Support Services,
Inc. today and make living a little easier knowing your estate
will be in good hands.
