Estates – Getting Started & Next Steps

Crucial Things To Know When Writing Your Trusts And Wills

A big number of people is still contemplating if they should write a will or not. In case you are one of them, it is very desirable to you to have a professionally written will. They forget that lack of a will can leave their family with little or no authority to deal with their assets. Away from the fixed assets such as the estate, even the small bank accounts as well as personal possessions cannot be transferred legally without application to a court for the estate trustee appointment.

With the above highlights, it is now evident to you that you need a skilled attorney on your side to draft a legally binding will. One, the lawyer, has the right experience to draft the will as well as estate planning. You need an attorney with the right expertise to guide you on critical issues such as how to avoid probate fees, how to postpone asset distribution to the children beyond 18 years or even 21 and how to establish trust funds for your children among many others. Any attempt to do it by yourself can be full of uncertainties; it may have mistakes which may deem the will invalid. There are some drafts which require cautious wording of clauses; like the one which postpones the asset distribution at 2 years and above. If this is not perfectly worded, it can lead to the assets being distribut5ed at 18 regardless of the stipulations of the will. It is also technically difficult for a layman to take into account RRSPs and insurance provisions when drafting the will; this may result in your young loved ones being denied access to major assets until they reach the age of majority and then receiving the full amount. What about using the available will kits to come up with your will? This is one of the ways which one may argue can use. This may look like a shortcut to coming with a good will, but it is technically hard for it to cover all your intentions sufficiently. Remember, situations differ from one person to another and therefore, you need a qualified draftsman to fully and professionally draft your intention; the attorney has the right skills to get sufficient information to draft a will which suits your situation. Very many clients are surprised after consulting an attorney because there are not aware of various options which are open to them neither are they able to ask themselves the right questions.

The attorney understand every detail of the latest estate rules. For example, there are cases which don’t need probate like where the beneficiary is named directly. Conclusively , it is evident with good guidance from the attorney, you will have very good planning on how you will draft your will.

The Art of Mastering Wills

Practical and Helpful Tips: Trusts