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:
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 created when the financial benefit of property is transferred to a third party while keeping legal ownership and control. 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.
When setting up a trust it is important to note that without a will it can present issues when having to distribute assets that are outside of the trust. 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.
Northbridge | East Perth | Perth | West Perth
Town of Armadale | Town of Bassendean | City of Bayswater | City of Belmont | Town of Cambridge | City of Canning | Town of Claremont | City of Cockburn | Town of Cottesloe | City of Fremantle | Town of East Fremantle | City of Gosnells | City of Joondalup | City of Kalamunda | City of Kwinana | City of Melville | Town of Mosman Park | Shire of Mundaring | City of Nedlands | Shire of Peppermint Grove | City of Rockingham | City of Perth | Shire of Serpentine Jarrahdale | City of South Perth | City of Stirling | City of Subiaco | City of Swan | Town of Victoria Park | City of Vincent | City of Wanneroo