Securing Your Legacy: A Comprehensive Guide to Wills and Trusts
No matter the size of the legacy or the age of the person, it’s a good idea to have a plan in place to handle the assets if the person dies. Wills and trusts offer ways to ensure the desired beneficiary will receive the assets and be able to use them after the person is gone. When it’s time to think about what will happen in the future, it is a good idea to work with a lawyer to create a will and trusts to make sure everything is legally sound.
Creating a Will
One of the most important things a person can do to secure their legacy is to create a will. This document details all of the assets a person holds and designates beneficiaries to receive them if the person dies. It is important to make sure the will is legally sound, as this helps to prevent potential issues once the person passes and ensures that the person’s wishes will be followed. Anyone can work with probate and trust litigation attorneys to create a will.
Creating a Trust
A trust is a tool used to protect and preserve assets as well as to help minimize taxes while controlling how the assets are distributed when the person passes. There are many different types of trusts, so it can be confusing to figure out the right option and make sure everything is set up properly for the future. Those who are interested in creating a trust for their assets will want to talk to an attorney to get started and find the right solutions for their needs.
Make Sure Everything is Covered
When creating a plan for the future, it’s crucial to make sure everything is covered in a will or trust. Assets should all be listed to ensure they are included. It’s also important to make sure the wills or trusts are updated as the person ages. They may obtain more assets, sell older assets, or have new beneficiaries to include. Updating the assets helps to ensure that everything continues to be covered so there aren’t any issues in the future. They also will want to make sure they update the beneficiaries, as this can change over time, and they may want to include new family members or make sure someone is not included if anything happens.
Avoid Leaving Anyone Out
A common mistake is leaving out people from the will. Sometimes, a person may want to disinherit a family member to avoid that person from getting anything from the estate. This needs to be done carefully, as just not putting them on the will could make it seem like the person was forgotten, not left off purposefully. Instead, it’s a good idea to work with a lawyer to disinherit heirs and make sure there is no chance of the will being challenged in court.
If you’re ready to prepare for the future, now’s the time to speak with an attorney and work on creating a plan for what will happen if anything happens to you. Wills and trusts are an excellent way to make sure your legacy is passed down to whomever you choose and that your wishes will be followed after you die. Talk to an attorney today to learn more about wills and trusts, and to get help creating a solid plan to secure your legacy.
