fbpx

Wills and Estates Cooloongup

Family Lawyer - Affordable & Experienced

What is the difference between a will and a trust in Cooloongup?

The primary difference between a trust and a will is when it becomes active. For wills, they will only come into effect upon the death of the individual the will is for. Trusts on the other hand do not require death to be the trigger for certain actions to take place. They can be active while the owner of the will is still alive.

At Cicero Legal our Wills and Estate Lawyers provide the following:

  • We will listen to you
  • Assit in will creation process
  • Assist in trust creation process
  • Provide guidance in what aspects should be covered within the documents

Do you need a Will?

What is a Will?

A will is a legal document that specifies how your assets will be distributed after your death. It can include instructions that would otherwise require a decision after your death. These include:  

  • The appointment of an executor of the will
  • Who will be the guardian for any minor children
  • Any directions for your funeral and burial
 

If a trust is required a will can direct the appointed executor to create a trust a appoint a trustee to hold the assets to the benefit of a particular person. These include minor children that at a specified age will be able to access the trust assets.

What happens if you die without a will?

If you don’t have a will you will lose control over how your assets are distributed and may not have your wishes are fulfilled. The distribution of these assets will depend on the local states laws, that generally will allocate a large portion of the estate to your surviving spouse and the remainder equally among any children. 

Factors that may influence how you would have divided your assets unequally among your heirs will not be considered. The time for these assets to be distributed will be higher and require a qualified adult relative or friend to apply as an administrator. Cicero Legal also provides will and estate planning for Perth.

To ensure that your assets and wishes are carried out how you would want them to be, contact Cicero Legal for a consultation. 

What is a trust?

Trusts are legal relationship where one person holds title to property, subject to an obligation to keep or use the property for the benefit of another. They will set the terms for a trustee’s management of the assets.

A trust will cover the following aspects:

  • They name who the grantor or truster and who the trustee will be
  • State the terms for the trustee’s management of the assets
  • Distributions to one or more designated beneficiaries 
  • How the assets will be ultimately be distributed

Types of Trusts:

  • Revocable Trust
  • Irrevocable Trust
  • Special Purpose Trusts
  • Charitable Trusts
  • Special Needs Trusts

Call us today to discuss setting up a trust. We’ll be happy to provide you with a free 15-minute consultation.

Estate Planning Cooloongup

Estate planning can include both setting up a will and trust as by using both may better suit more complex estates.

But if a trust has been setup without a will, it can present issues with how assets that are outside the trust are handled. For large more complex estates it may create an easier pathway to utilise both a trust and will.

  • Wills are less expensive to write and easier to implement however can be contested in probate court
  • By reducing assets held in probate will minimise tax exposure with a irrevocable trust
  • Irrevocable trust transfers the assets out of one’s name, however these are more expensive to draw up and implement

 

If you need assistance with planning your estate, contact Cicero Legal’s professional lawyers for a consultation.

Cooloongup Local companies
that we recommend

Qmulus Bookkeeping

Do you need a bookkeeper that is trustworthy, qualified and experienced? Qmulus Bookkeeping will ensure your books are up to scratch.

Cockburn Conveyancing

Are you buying or selling a new house? Make sure-you settle on time and hassle free.

SEER Fianance

Are you a business in need of trustworthy and professional finance advice? Seer offers Financial Statements for Wangara Sole Traders among many other services.

Clairs Keeley

Family Mediation adn other family law servicesFamily dispute resolution Cooloongup

Love Street Pizza

Need a easy tasty meal after a long day of work? Pizza Delivery Leederville.

Jackson Rhodes

Commercial Fridge and coolroom repairs to ensure your business stays running.