Wills, Trust, And Estate
What are Wills?
Wills are declarations where a person names one or more individuals to manage their estate, providing for the transfer of property at death. A will makes sure property is left to chosen individuals. It also guarantees that a guardian will be named for any minors within an immediate family, property left to minors has a caretaker and the will has an executor, a person with the authority to carry out a will.
A will must be signed and dated with at least two witnesses who are present when creating the will. These witnesses must be two individuals who won’t inherit anything. State law will dictate what happens to property if a will isn’t drafted before death. A will doesn’t have to be recorded by a government agency.
What are Trusts?
A trust consists of a legal relationship where real or personal property is held by one party for the benefit of another party. This arrangement allows a trustee to hold the legal title to property for another party, called a beneficiary. A person can become the trustee of their own living trust. This allows the trustee to keep control of all the property held in a trust.