What is a will
A will is a binding testamentary document that allows a testator to appoint executors to administer their estate and dispose of it to the beneficiaries chosen by the testator.
- A testamentary document is a document taken to be proof of your wishes to be followed on your death.
- The testator is the person making the will. If it’s your will that’s being referred to, then you are the testator.
- The executors are the people (it’s best to have more than one) that you have chosen to look after your affairs. They ‘execute’ the will in accordance with your wishes.
- Your estate is everything you own – money, property, assets and other possessions – minus everything you owe.
- The beneficiaries are the people who you are leaving something to in your will, whether it is money, assets, individual items, or you are letting them off a debt.
Your will is the formal document that sets out what is to happen to your property and possessions when you die. It is a legal document that is binding on your executors – which means that they don’t have any choice whether or not to follow it.
What is an Revocable Living Trust
A Revocable Living Trust is usually the essential foundation of any estate plan. One of the most important features is that it can help you avoid the substantial cost and time of going through Probate.
A Living Trust is a legal document that allows you to determine how your assets will be managed upon your death or incapacity. It also provides for the efficient distribution of your estate to your loved ones, including providing appropriately for minor children.
A Revocable Living Trust Portfolio will also include important related documents such as a Pour-Over Will, Durable Power of Attorney, Advance Health Care Directive, Instructions for retitling assets, and simple instructions for settling a trust estate without the need for probate.
What Is an Irrevocable Trust
An irrevocable trust is a type of trust where its terms cannot be modified, amended, or terminated without the permission of the grantor’s named beneficiary or beneficiaries. The grantor, having effectively transferred all ownership of assets into the trust, legally removes all of their rights of
ownership to the assets and the trust.
What Is Estate Planning?
Estate planning is the preparation of tasks that serve to manage an individual’s asset base in the event of their incapacitation or death. The planning includes the bequest of assets to heirs and the settlement of estate taxes. Most estate plans are set up with the help of an attorney experienced in estate tax.