One of the differences between a trust and a will is the circumstance when it will become active. Wills for example only become active upon the death of the individual that created the will. 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:
A will can also direct the executor to create a trust and appoint a trustee to hold assets to the benefit of particular persons. These include minor children that at a specified age will be able to access the trust assets.
One of the issues that can occur when there is no will in place, is a lack of control over what happens to your assets, debts and the care of any minor children. 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.
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:
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.
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.
Contact Cicero Legal’s experienced will and estate lawyers for a consultation today.
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