You can do just about anything online today. It’s easy to do everything online, from hiring a contractor to purchasing a car. In many cases, this is a great way to go, but it’s not the best approach when you must prepare wills, trusts and powers of attorney, health directives, or other documents that reflect your end-of-life wishes. Here are some of the most prominent benefits of hiring a lawyer for wills and trust if you are unsure whether to work with one or the other.
Many people choose to use a trust when making their estate plans. Both documents play essential roles in an estate plan. Here’s a brief guideline about both of them
A trust is a better choice than a will because it provides privacy. A Will has to be probated. The Orphan’s Court is given jurisdiction. A Will become a public record when it is probated. Some courts allow anyone who has access to the court system to view any such documents including the public at large. Trusts are private because they are not public records. It is managed privately by the trustee named.
A Will is a document that outlines how your assets are distributed to your beneficiaries and heirs after your death. You can also include instructions regarding matters after your death, such as the appointment and caretaker of minor children and funeral arrangements. You can create a Will with the help of wills trust and estate lawyers. A Will can direct an executor to create a trust and appoint a trustee to hold assets for the benefit of particular persons, for example, for minor children up to the age of majority or a specific period.
Can the Executor of a Will take Everything?
Before signing up a Will, many people ask can the executor of a will take everything?
So, the simple answer is NO.
An executor of a Will can not take everything. Unless or until they are a beneficiary under the Will. An executor is basically a fiduciary to the estate beneficiaries.
Trusts allow people to transfer assets from one person to another. The one that is transferring is called a trustor, grantor, or settlor. And, the one to whom the trust is transferred, is called the trustee. Some important terms to understand while signing up for a trust is, trustee management, distribution to the beneficiaries, and the final disposition of assets. A trustee is also known as a fiduciary who must manage trust assets in accordance with the trust document. You can take help from the wills trust and estate lawyers while the preparation of trust documents.
Professional Execution and Preparation of Paperwork
You can rest assured that an online Will, or a blank template for a document, is nothing more than the digital equivalent of a letter. Ensure you are informed about the process for making the paperwork authentic. Your paperwork will be tailored to your particular circumstances and goals if you have a lawyer as your guide. Your lawyers for wills and trust will help you make your documentation formal. They can also provide witnesses and notarize public signings if necessary.
Trustworthy for your Family and You
A partnership with an estate planning attorney can give you valuable peace of mind. The lawyers for wills and trust can be a point of contact and advisor for your loved ones if you become incapacitated or pass. They can help you manage your trust or distribute your estate smoothly.
A Lawyer can help you set up your Living Trust
It is more work than creating a Will to set up trusts. A firm wills trust and estate lawyers can help you set up your wishes, ensure it is legally compliant, fund it, and assist to advise you on the best ways to mitigate your tax burden.
This is a lot of work you may not want to do, especially since even a slight error could cause your estate plan to be invalidated. It is better to leave this task to trusted legal professionals.
You can choose a trustee by consulting a lawyer specializing in wills and living trusts.
It would help if you appointed someone as a trustee when you make a living trust. This is the person you select to manage and monitor the trust funds.
The trustee should be honest and trustworthy. But who exactly? Know the difference of an appointment with a will executor vs power of attorney that can help you understand trustees’ responsibilities, suggest good options, and even act as a trustee in some instances. This is essential to estate planning and should not be taken lightly.
A Trust is a shield from Probate
Probate is the court process determining whether a Will is valid or invalid. A trust, however, does not need to go through probate. Your trust will not be a public record if it is not filed with the court after your death. Probate can also involve expensive orphan court and attorney fees. Living trusts can be used to avoid probate, preserve your assets and protect your privacy by avoiding costly fees.
Trusts give you Control even after your death
You can control whom your assets are left to in a Will, but not when or how they will be distributed (unless utilizing a pour-over Will). You can control when and how your beneficiaries receive your purchases if you have them in a trust. Trusts can be set up for specific purposes in orphan Court, such as charitable donations or education.
Who Is More Important, Executor of Will vs Power of Attorney?
Well, both are very important, but the duty of each of them is very different. Will executor vs power of attorney are both beneficial for you. A power of attorney can take care of your health and finances. If you are lying in a hospital bed, you won’t be able to make important decision, as you might not be in a great mental state. So, a power of attorney can do this for you. But, the power may limited.
The executor is someone who has the legal responsibility to carry out the instruction of the deceased. The will executor vs power of attorney has a slight difference in their role, based upon someone living or not, but they both can make an impact on your life significantly.
Many people don’t take the responsibility of creating a Will or trust seriously. It is not possible to do everything on your own, particularly when it comes to legal side of things.
You can ready for your estate and property planning with the help of a lawyer. It will help if you considered many factors when drafting your will and/or trust. A wills & estates lawyer is available to help you plan.