Writing a will or a trust is difficult for anyone as many adults avoid writing one when they are prepping their estate for the end of their lives. Yet creating a will or preparing a trust is one of the most important things you can do for your loved ones. Without the assistance of wills and trusts, Inverness residents would have a hard time gaining possession of a loved one’s belongings, especially if there is more than one child involved with someone’s estate. Laws governing wills vary from state to state. If you aren’t familiar with them, consider consulting a knowledgeable lawyer or estate planner in your area.
It is Important to Know Exactly What a Will and Trust Are
What is commonly known as a will (sometimes as a last will of testament), is simply a legal document in which a benefactor declares who will manage their estate and their possessions after they pass away. A live trust on the other hand is a little different than a will as it gets all of your estate plans in place and managed before you pass away. In some cases, people are known to write both wills and trusts. Inverness residents usually will not need both unless they have a large estate are a large number of possessions that need to be allocated.
Who should Hold on to My Will or Trust?
A lot of people know that wills and trusts are important documents, so they might put them in a safe place such as a security deposit box. This is not a good location because it will not benefit your beneficiaries because they will not access to it. With Wills and Trusts, Inverness residents are suggested to keep them in a commonplace that your family has access too. Alternatively, your attorney will be able to hold onto copies of your will or trust in the case that you cannot find the original or it locked away somewhere.
*Disclaimer: The views expressed here are those of the authors and do not necessarily represent or reflect the views of Jhonston & Sasser, P.A*