Wills and Trusts: What Type of Attorney Handles Wills and Trusts?
You can have many types of trusts in a will, including ones for minors and spouses as well as those for disabled people. When the original trustee dies or becomes incapacitated, the property is distributed to the successor trustee. A spouse, an adult child, or a close friend is the usual successor trustee. Beneficiaries are the same as those listed in a will. The person named in a will's successor trustee is often the same one. The trust can be made for a young beneficiary, such as a minor.
A trust allows for more flexibility in distributing assets upon death. A trust allows beneficiaries to be granted disproportionate shares according to their needs. My wife and I wrote a will and it took some time due to the COVID-19 epidemic. Our trusts attorney helped speed up the process to ensure her client's assets were divided as she desired.
A will specifies the way your assets are distributed after you die. It may also name individuals to manage your estate in the event of your disability. A trusts attorney specializes in wills and trusts. A testamentary trust is a legal document that names a trustee to manage your estate. A will allows you to name guardians and individuals with special needs as guardians.
While a will and trust may seem like the same thing, the two are not the same thing. There are many ways these documents can be created. A will is typically divided evenly among heirs, while a trust gives a beneficiary the ability to distribute assets based on their needs. In the case of my late husband, the COVID-19 pandemic slowed the will-writing process. Fortunately, his trusts attorney expedited the process and his client was able to pass away knowing that his assets were being taken care of.
A will is the basic first step in estate planning. It lists your beneficiaries and details the rules for estate administration. Your will is filed with a court when you die. A representative will be appointed to distribute your assets as specified in the document. You can have a complex trust or a simple one-page document with instructions on how to distribute the assets. If the will is a revocable document, the beneficiary can change it at any time.
A trust is similar in function to a will. A trust, however, has a different purpose. While a will is a legal document that specifies the disposition of property, a trust does not. It is important to have a will and trust executed properly to avoid unnecessary problems after death. You must consult an experienced lawyer for such matters. It is important to have a will or trust notarized, as it is necessary for compliance with state laws.
Matus Law Group | Estate Planning Attorney and Special Needs Trust Lawyer | Trusts Law Firm - New York City
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