Will, trusts and probate
What is Will, trusts and probate?
Firstly we must understand the difference between a will and a trust
A will comes into effect when the person dies. The will appoints a legal representative to carry out your wish like who gets your assets etc after your death. Will covers any property that is only in your name. It does not include property that is jointly held or held by a trust. A will passes through something called the probate. A probate means that a court will administer the will and make sure that it is enforced and assets re distributed as per the will of the person. This makes the will a public document.
A trust comes into effect as soon as it is created. The trust appoints a trustee on behalf of the person. A trustee hold the legal tittle of all your assets. The trust carries out your wish like who gets your assets before and after death. A trust may have two beneficiaries, one that receives assets during their lives and two that receives assets that are left over from the first. Trust covers only those properties that are transferred to the trust. A trust on the other hand does not involve probate and things are kept much more private.
Large asset value or disastrous consequences… read on
So, if the asset value is large or the consequences are disastrous and you wish to execute a will or a trust, you should meet a lawyer. The Will, trusts and probate lawyer will also help you make the will or trust so that it is legally enforceable and they can also give you an impartial opinion if you need one.
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