A will is a legal document in which you declare how your assets should be distributed. It is the legal document in which you need to name the individuals who can receive your property after your death. Additionally, you have to name the executor in the will who can oversee the process of transferring the assets to the individuals that you choose.
On the other hand, a trust is a contract that can hold assets on the settlor’s behalf, and the designated trustee manages it. The beneficiary can receive the assets as per the trust’s instructions. You can also consider trust as a legal relationship by which you can manage assets for the benefit of someone.
There are different legal aspects involved in making a trust and will. It is a complex process, so you must get legal assistance from an attorney having relevant expertise to make the right decisions. Let’s find out why you should hire a lawyer to handle your trust and will.
-
To Avoid Probate
Probate is the process in which the court holds the legal right to assess the assets of an individual who has not made a will. It can be a disadvantage for you because then a court will distribute your assets according to state laws. But if you can establish a living trust, then you can avoid probate. It is better to consult an attorney that can provide you with better guidance.
You must look for a reliable probate attorney in your state who has a proven track record. Shortlist the attorneys according to their past records and then make the final decision as per your budget. Keep in mind that handling the probate process can be costly. Therefore, taking the right steps in advance by consulting an attorney will help you avoid the costly and time-consuming probate procedure.
-
To Avoid Common Mistakes
Most of the time, people make a will in a rush when their health is not stable. They just want to complete the formalities of the legal process on their own without thinking with a clear mind. It increases the chances of mistakes.
The circumstances of every individual are different. Therefore, you require the legal expertise of an attorney who can help you create a personalized will according to your needs. Sometimes, mistakes can affect your family members. For example, if you fail to name the right executor or guardian for your children, your family has to face the consequences.
On the other hand, an experienced attorney knows all intricacies of the will and trust and ensures that not even a single legal aspect is overlooked.
-
To Distribute Assets to the Right Individuals
As already mentioned above, the circumstances of every individual are different, which means family dynamics can also vary. An attorney who specifically has experience in will and probate cases will help you draft a will properly to ensure the right individuals receive your assets.
An attorney can also help you set up a trust plan. It allows you to hand over your assets to the individuals in your family for their benefit until you are alive. It can also help you protect elderly patients or disabled siblings. Properly deciding asset distribution beforehand can also help you avoid conflicts among your family over your property after your death.
By making a will, you can decide who is going to receive which asset from your property. It makes everything clear to your family members, and once everything is legally declared, then there is no chance of dispute.
-
To Choose Guardian for your Minor Children
If you are a single parent, then creating a will becomes more important for you as it allows you to choose a guardian for your minor children. If one parent dies, then legal custody automatically goes to the surviving parent. Again, you require the expert opinion of the attorney to make the right decision.
For single parents, the significance of the will increases more as it is a matter of the future of their children. To choose a guardian for your children, you need to analyze who can take care of your children’s daily needs. It includes healthcare, clothing, food, education, and other basic needs.
You must figure out who can be the perfect guardian for your children. Try to identify the person who can play a key role in the right upbringing of your children and who can provide them with emotional support. Discuss it with your attorney by letting them know about your decision, so you can get the right advice accordingly.
At last, shortlist the guardians for your children and have a discussion with them. Tell them that you want to appoint them as a guardian of your children and what their responsibilities will be, and your expectations. The response of every individual will give you a clear idea of who can be the perfect fit for this position.
Choosing the right guardian can make a huge impact on the upbringing of your children. Therefore, take your time before making the final decision, keeping in mind the opinion of your attorney.
-
To Choose Executor of Property
While creating a will, you get an opportunity to appoint your executor who is going to oversee your property after your death. The advice of an attorney in this matter holds special significance. Consult the attorney before choosing the executor of the property. The attorney can provide you with better insights by judging your past relationship with an individual that you want to make the executor of your property.
One of the primary responsibilities of the executor is to distribute your assets according to your instructions. If you do not choose an executor, then a court will appoint one on your behalf. By hiring an attorney, you can choose the right executor, so you can help your family to avoid any difficulties even after your death.
Conclusion
It is crucial to seek legal assistance from a lawyer while making a will or trust. It can help you understand different technical aspects easily which are involved in the legal process, enabling you to make the right decisions accordingly.