One of the differences between a trust and a will is the circumstance when it will become active. For wills, they will only come into effect upon the death of the individual the will is for. Trusts are legal arrangements that take affect under specific circumstances. Wills will direct the distribution of the assets by designating heirs and beneficiaries.
At Cicero Legal our Wills and Estate Lawyers provide the following:
After your death a will is a legal document that will state how your wishes how your assets will be distributed. One of the aspects a will can include is instructions that are to be carried out after your death. These include:
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.
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.
A trust is a legal arrangements that provides for the assets for their owner. They will set the terms for a trustee’s management of the assets.
A trust will cover the following aspects:
Types of Trusts:
Call us today to discuss setting up a trust. We’ll be happy to provide you with a free 15-minute consultation.
When approaching estate planning it is often not an either/or when deciding to setup a will or trust. For a smaller estates the assets may be easily transferred.
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.
If you need assistance with planning your estate, contact Cicero Legal’s professional lawyers for a consultation.
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