Jul 12, 2019 0

4 Factors That Make Last Will And Trusts Inseparably Similar

Property and asset distribution at the time of or, following the demise of the owner is a matter of serious concern. This is the reason why such distributions are done through wills and trusts, both of which are strictly legal documents that can be enforced by the court of law.

While it is true that wills and trusts are two very different documents, here is a small list of similarities that make them relevant to creators...

• Both are directives for wealth / asset distribution – This basically means, both of these documents can define how the assets are to be utilized and who the property would belong to after the grantor is no more.

• Both are revisable – While it is true that wills and trusts become absolute after the demise of the grantor, both of them can be challenged in the court of law in case of serious discrepancies. At the same time, both trusts and wills can be altered by the creator through their lifetime through simple processes.

• Both can instruct how taxes / debts are to be paid – The creator of the documents can add specific instructions on how taxes and debts must be cleared after he / she passes away. This makes things very easy for the executor.

• Both last will and testament documents and trust document forms can be downloaded for free from proper online legal platforms.

The differences...

Firstly, wills need to go through probate court, trusts do not. Therefore, trusts are considered an easier way of handing property over to heirs. For more information about getting last will and testament in Utah, please visit this website.

Secondly, you will need funds to manage and maintain trusts which can make it expensive in contrast with wills.

Thirdly, trusts allow you to name individuals to manage property for you. Wills do not. With wills, you will need a separate document called ‘durable power of attorney’ for naming individuals that can manage your property in case you are incapacitated temporarily or otherwise. Please visit this website for more info about legal documents free.

Author Resource:-

Carl writes often about affidavit, bill of sale and last will & testament to help the people in needs. You can find his thoughts at free legal documents blog. To learn more about drafting last will and testament in Virginia online, visit this website.