Wills And Trusts - Preparing For The Inevitable
It has been said before but needs to be said again. If you are living, you need to make a will. You should also make a trust. Wills and trust in Mendon MA are two ways you can ensure your estate and your legacy lives on. Failure to do so can result in denying your heirs, friends, relatives and even pets the security you want to leave behind.
What are Wills and Trust Documents?
Wills and trusts are both documents that provide those who are left behind with specific instructions on what to do and what goes where and with whom. A will is a piece of paper that includes instructions to be handled by the lawyer, trustee or executor. It indicates as noted above how you wish to distribute your property - as defined under Massachusetts law. In Mendon MA and elsewhere in this state, a will is valid only if made by someone recognized as mentally competent 18 or over.
A trust is not to replace a will but rather adds to a will. They complement each other. Yet, a trust does not provide instant gratification. In other words, a trust usually remains intact throughout the lifetime of the beneficiary. It may, perhaps, take into consideration such things as the education and monetary well-being of beneficiaries that are young and not considered capable of having direct control of their money. As a result, a trust may dictate at what exact age and under what circumstances, a child, youth or young adult may receive his or her inheritance.
A trust is also beneficial for those who have €fur babies.€ It can make allowances for the care of these family pets. In other words, a trust can address itself to certain unique situations.
Benefits of Trusts and Wills
Why is it important to prepare a will and trust in advance? The answers are simple and complex. Consider the following as at least a partial answer:
There are other benefits to ensuring wills and trust. Mendon MA professional lawyers believe that preparing such documents in advance is one means of taking care of the beneficiaries when you no longer can.
What are Wills and Trust Documents?
Wills and trusts are both documents that provide those who are left behind with specific instructions on what to do and what goes where and with whom. A will is a piece of paper that includes instructions to be handled by the lawyer, trustee or executor. It indicates as noted above how you wish to distribute your property - as defined under Massachusetts law. In Mendon MA and elsewhere in this state, a will is valid only if made by someone recognized as mentally competent 18 or over.
A trust is not to replace a will but rather adds to a will. They complement each other. Yet, a trust does not provide instant gratification. In other words, a trust usually remains intact throughout the lifetime of the beneficiary. It may, perhaps, take into consideration such things as the education and monetary well-being of beneficiaries that are young and not considered capable of having direct control of their money. As a result, a trust may dictate at what exact age and under what circumstances, a child, youth or young adult may receive his or her inheritance.
A trust is also beneficial for those who have €fur babies.€ It can make allowances for the care of these family pets. In other words, a trust can address itself to certain unique situations.
Benefits of Trusts and Wills
Why is it important to prepare a will and trust in advance? The answers are simple and complex. Consider the following as at least a partial answer:
- If you place assets in a living trust, as opposed to a Testamentary Trust, they can avoid probate for the most part
- Assets within a trust can be held until specific requirements are fulfilled e.g. age of majority
- Trusts protect pets from being disposed of and instead ensures they are taken care of
- Without a will, you and your heirs or beneficiaries have little to no say about what happens to the assets
- Trusts may be directed so as to allow individuals to remain in the main residence and be taken care of appropriately until finishing school or until so directed
There are other benefits to ensuring wills and trust. Mendon MA professional lawyers believe that preparing such documents in advance is one means of taking care of the beneficiaries when you no longer can.
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