Trusts and wills are meant to secure the financial future and welfare of close relatives. A living trust can be a tangible or financial asset. The way a trust is set up and managed may indicate whether or not it goes through the probate process. A living trust stays clear of probate by transferring property into living trusts.
The successor, or person handling the trust, transfers ownership to beneficiaries when the testator dies. When a trust doesn’t need to go through probate, the process lasts a few short weeks and there are no court fees involved. A comprehensive and legally valid trust saves family members the hassle of probate. Without that, personal assets may not be distributed to loved ones the way the decedent wishes. A Wills And Trusts Lawyer in Davenport IA takes an initiative. The efforts of a lawyer will have an estate planned just the way the testator wants.
A living will, also known as an advanced directive, is a document explaining what the testator wishes to be done in deteriorating health. A will also names beneficiaries of valuable assets that are left behind by the testator. Generally speaking, family feuds have risen when a loved one dies with no living will. There are disputes about who should own the home and other high priced assets. A living will can avoid this for the most part.
There are reasons to challenge a living will. If a family member believes the testator was not in a sound state of mind to have good judgement, a will can be contested if that notion can be proven. Unduly influence means someone tried to intimidate the testator into making choices against what they would personally want. A will is deemed fraudulent when someone is claiming to assist in the writing of an official document with the person signing unbeknown to the fact that it is a will.
The requirements for making a legally valid will are different from state to state. To prevent the inconvenience of unknowingly signing a will that has something legally invalid, a Wills and Trusts Lawyer in Davenport IA should provide guidance in creating one. Take a closer look at .
