Build Your Estate Plan On The Strong Foundations Of Wills And Trusts
Wills and trusts are tools used in estate planning to help accomplish their creator’s goals and objectives. At the very least, a will should be crafted ahead of time while you still have capacity to execute a will. A well-written will can ensure that the wishes of the testator are carried out according to the specifications laid out in the document. The testator is the person who creates a will. A trust, on the other hand, can protect and manage the assets that are valuable to the settlor while they are alive and long after they are gone. The settlor is the equivalent of a testator. A settlor is the term used for a person who creates a trust. Trusts can also be used to take advantage of certain benefits for both the settlor while alive and those who will inherit the assets in the trust after the settlor has passed away.
Ensuring that the needs and wishes of a person are honored in the event of incapacity or after death requires thorough estate planning. For your convenience and peace of mind, contact our attorneys at Jurist Law Group, PLLC, when preparing these important documents and legal instruments. We have decades of experience in estate planning and related practice areas, and we have helped countless clients in Little Rock and surrounding areas of Arkansas. We can help you, too.
A Will Does More Than Just List Property
A will is a document that is also known as a last will and testament. It goes into effect after its creator (testator) passes away. A will can detail a person’s wishes regarding the distribution of their property and assets. It can also specify who can take care of the testator’s minor children if he or she is a parent and dies while the children are young. Without a will in place, a person’s wishes may not be known, much less honored. The estate, which consists of a person’s assets and property, will be distributed according to the will’s specifications. Without a will, the court will follow the intestate rules which may be how the deceased wanted to distribute their property and assets among their heirs. What’s more, an estate that is left without a will tends to be costlier and more challenging to probate than one with a will in place.
In order for a will to be effective and recognized by the probate court, it must be valid. By working with our firm, you can be sure that your will is created and prepared correctly.
Trusts Are A Great Tool For Meeting Specific Objectives For Your Estate And Assets
In addition to a will, a trust is a great legal instrument to include in an estate plan. Trusts are vehicles that allow the creator of the trust or settlor to hold and manage assets in a fund. Depending on the circumstances surrounding the creation of a trust, the assets can be held for a beneficiary or the settlor’s benefit. Further, there are various types of trusts. Each kind of trust serves a distinct purpose and is either revocable or irrevocable.
Trusts are mainly used for wealth management and control, asset protection, and to avoid probate. Since assets placed in a trust do not have to go through probate, beneficiaries can gain control of assets much more quickly and save money on court fees, potential taxes, and the probate process.
Talk To Us About Your Legal Needs
If you are ready to get started planning your estate, contact our lawyers at Jurist Law Group, PLLC, to discuss your options and learn how we can help. To get started, contact our firm online or call us in our Little Rock office at 501-400-7355.