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Wills vs. Living Trust . Financial Health Workshop - April 29, 2011. What is a will?.
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Wills vs. Living Trust Financial Health Workshop - April 29, 2011
What is a will? • A legal document of instructions listing the distribution of property, designating beneficiaries to receive specific items from your estate. If you have minor children it allows you to appoint a guardian for their care. A will goes into effect at the time of your death.
What is a Living Trust? • A legal document which provides a life time and after-death property management for your beneficiaries, set up with your specific requirements and time frames for distribution. If you are disabled or become incapacitated, the trust is in place to manage your financial affairs.
What if you don’t have a Will or Living Trust when you die? • The legal term is dying intestate if you fail to have a Will or Living Trust at the time of death. State Law will control and distribute your property to your spouse or closest heir, regardless of your wishes, and appoint anyone to be the administrator of your property. If you have minor children the state can appoint a guardian of their choosing.
What do I need to do? • Meet with a Lawyer to determine your specific needs to help determine whether a Will and/or a Living Trust is better for your estate. • Compare costs and services by getting a couple of estimates