Will and Trust Law

  • By Lloyd
  • June 2, 2015
  • Comments Off on Will and Trust Law

Will and Trust LawPart of preparing for the future is putting together a will that lists out to whom you entrust all of your belongings, money, and property, in the tragic event of either your death or if something happens to you.  Putting together a will isn’t the only part of preparing for the future, but it is a major part of it.  You need to make sure that your family is provided for if something happens to you.  It’s not a happy thought to think about it, but it is something that is important.  Your assets need to be distributed the way you want them to.

 

Since forming together wills is a big part of preparing for the future, there are laws that exist around them.  First of all, you should not confuse a will with a trust.  A trust is where you can create a separate, legal entity that protects your property, finances, and assets form taxes and other regulations.  Trusts can also be put forth either when you are alive or when you pass away, assuming that it is allowed to be set forth according to your written will.  There are different kinds of trusts and the type you choose is what will determine how much you or your family controls over your property and assets.  Speak to a lawyer to learn about the different kinds of trusts.

 

In comparison, a will is a simple legal document where you name guardians or owners of the property in the event of your death.  If you have no written will, then you can’t decide who receives your property.  A lawyer can help you compile a will and give you insight as to who should receive the different parts of your estate.

 

A probate will still occur even if you write a will.  A probate is a legal process where your property and assets will pass through to make sure that it is distributed according to what the will states.  The probate process is a long one and can take over a year, considering how many people have an interest in your property and assets.  The will also has to be verified and all of those who are mentioned in the will have to be given notice of the will writer’s passing, and if disputes arise in court, they will have to be resolved as well.

 

For a Personal injury lawyer or an accident attorney in Philadelphia make sure you go with the Levin Injury Firm. Contact them if you’re in need of a slip and fall lawyer.

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Categories: Wills

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