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Wills and Trusts: What Type of Attorney Handles Wills and Trusts?

Jan 1

A will can include various types of trusts, such as ones for minors, spouses, and disabled individuals. When the original trustee dies or becomes incapacitated, the property is distributed to the successor trustee. A successor trustee is usually a spouse, adult child, or close friend. Beneficiaries can be the same as the ones listed in a will. A successor trustee is often the same as the person named in the will. The trust can be made for a young beneficiary, such as a minor.

A trust allows for more flexibility in distributing assets upon death. A trust allows beneficiaries to be granted disproportionate shares according to their needs. My wife and I wrote a will and it took some time due to the COVID-19 epidemic. Our trusts attorney helped speed up the process to ensure her client's assets were divided as she desired.

The will defines how your assets are to be distributed after you pass away. It may also name individuals to manage your estate in the event of your disability. A trusts attorney specializes on trusts and wills. A testamentary trust is a legal document which names a trustee to manage your estate. The main benefit of a will is that it allows you to name guardians for minor children and other individuals with special needs.

While a will and trust may seem like the same thing, the two are not the same thing. There are many variations on how these documents are created. A will is typically divided evenly among heirs, while a trust gives a beneficiary the ability to distribute assets based on their needs. In the case of my late husband, the COVID-19 pandemic slowed the will-writing process. His trusts attorney accelerated the process, and my husband was able to die knowing that his assets were being cared for.

A will is the basic first step in estate planning. It lists your beneficiaries and details the rules for estate administration. Your will is filed with a court when you die. A representative will be appointed to distribute your assets as specified in the document. A trust can be very detailed, or it can be as simple as a single page with instructions for distributing the assets. If the will is a revocable document, the beneficiary can change it at any time.

A trust is similar to a will. However, a trust serves a different purpose. While a will is a legal document that specifies the disposition of property, a trust does not. To avoid any problems following death, it is crucial to have a trust and a will properly executed. You must consult an experienced lawyer for such matters. It is important to have a will or trust notarized, as it is necessary for compliance with state laws.

Matus Law Group | Estate Planning Attorney and Special Needs Trust Lawyer | Trusts Law Firm - New York City

222 Broadway Fl 22, New York, NY 10038, United States

(929) 412 1808