Estate Planning – Wills and Trusts

Picture an elaborate burial. It takes place right in front of you, and there’s a packed bed. A lovely mahogany frame with a silk interior is the casket, and the handles are actually made of gold. Whoever inherits this estate would undoubtedly earn millions of dollars, if not billions.If you would like to learn more about this, please check out Amicus Law Firm – Special Needs Trust Attorney Logan.

Now after the funeral is over, imagine the family. Although they ought to hug their loved ones and weep, they are at each other’s throats instead. In the place, the rage is heavy and everyone is trying to talk about each other. At its peak, it is chaotic. And why is there such a family? Oh, they had just found out that the dead man had died without ever making a will. This means that with a bunch of money-minded lawyers in snappy business suits, they will have to work out his estate in court, and they all want their “fair share” of his estate.

Death is painful in any family, but if the dearly departed do not leave a will or trust of any kind, it is made 100 times worse. Greed allows something nasty to surface in an individual and the infighting can become deadly without clear direction for money and property distribution. How in your own family would you stop this? Well that’s fairly straightforward. For the future, you must plan.

Start with a will first. A will is the minimum basis for what you will need to safeguard your estate. A may decide who will get what if this mortal coil is shuffled off. You may specify something that is granted to any person you own and if it is within the ability of the court to do so the will must be followed. In the other side, inability to build a will leads to the state working it out for itself. Although this may not be so bad in some circumstances, it can be a lot worse than you think.

For instance, no one might care who gets your old CD set, but after you die, you might have an idea about who you want to spend your life saving. Also, it must be mentioned in a will if you want your kids in the custody of a certain person. If not, those kids will go to whomever the state chooses because it is not possible to uphold verbal desires in court.

The next, and maybe more important, step is to create faith in life. A trust is a record that you can handle while you live, and it controls your money. The trust also determines who after your death, will control and distribute your estate. Although a will is a legal document that must go through the courts, you can bypass the court system entirely with a trust. This implies that the allocation of the wealth would not be a public record for the whole world to see. Your private life stays private with faith.

And be careful about the records you make, of course. Those documents could cause worse problems if written or processed incorrectly than if there were no documents at all. Get some support, then. Don’t just jot down a piece of paper with your thoughts and expect it to be upheld in court. Hire some lawyers for estate planning and avoid the trouble areas that concern most individuals. This will give you peace of mind about the future and upon your death, will protect your family and friends.