This is one question asked frequently by the enthusiast? Why need a will if one has a Trust. This is one thing that requires a thorough and complete answer.
Well, if you die without a will then your wishes might not be carried out. And this might propel your heir to spend money and resources on settling the affairs.
So if you want to know more regarding Will and its role, you could consult an estate planning attorney in atlanta.
In this article, we are going to discuss all Will and its importance.
Will is a legal document that spells out your ultimate wish on the distribution of your property and the care of your children. Therefore, from the aspect of the passing of the property, it is one of the most essential and core elements.
Failure to prepare a will typically leaves the decision or property lying at the hands of the State Officials. This in turn might lead to a tussle.
So the question is why have a will? There is an idea that only the well-to-do people with really complicated wishes must have a will?
My answer will be NO. With the will, you can be clear about who gets the assets. You are getting clarity.
Will acts as a shield. If you don’t want some entity not to have the share of the will you could save yourself from this.
Using a will you could decide upon who is going to take the responsibility for your children.
If you have a will your heirs will be able to get the ownership of the property much faster and this is quite an important thing to consider.
And finally, you have no posterior generation to follow. You could give them the assets.
Well, some people plan to save the estate money on Taxes. A will makes this possible.
Now if there is an absence of Wills it may cause a delay in getting probate from the court.
If there is more than one heir, it creates unnecessary problems in the distribution of the assets. And it finally leads to bitter battles and tussles and unrest which is unwanted. It’s better if you consult Atlanta Estate Planning Lawyer to know things in detail.
There are certain essential elements of a Will that you need to know and consider. A Will should take into account a Declaration. This states that the person is of sound mind. And it is willing to execute the will.
Now the person who is going to receive the property after the passage or death of the person is the beneficiary.
Revocation of all the prior Wills needs to be done in order to avoid any kind of conflict between hers.
Though registration of the Will is not really compulsory if the tester feels that the will can be challenged.
There are a few types of will and they include Oral Will, Holographic Will, Conditional or Contingent will, Joint will, Concurrent wills, and finally the mutual wills.
This is not too easy a question to answer. Often clients say that if trust is effective in transferring the money why require wills then? Actually, both go hand in hand. And both are complementary to each other.
Now the question is if you already have a will then you will have to go through the complicated process of probate?
Actually, a trust can include provisions to care for your estate. If your property is in the name of the Trust the trustee can sell it and use the money for your care.
Now if you only have the trust a different equation works out here. Actually, the will is a document where the distribution of the personal properties is clearly documented. A will prevents the need for a family member to go to court to gain guardianship. If you are still not clear you could seek advice from Atlanta Estate Planning Lawyer to gain insights.
It is understood through the discussions that both the Will as well as the Trust have their role to play. So both are complementary here.
Therefore, it can be said that you need a Will even if you have a Trust. You need both of them.