You’ve worked long and hard throughout your life to make it where you’ve gotten to. Now you want to make sure that the people you designate as your heirs get what you want them to have. It’s easy enough to write a will and say what goes to whom, but not everyone’s estate is that uncomplicated. For those who want to have more options for the final disposition of their assets, an Estate Law Lawyer Bucks County can provide invaluable assistance.
A will is the most basic of documents for designating heirs and beneficiaries. However, even though it is a basic item, it can still be written in a manner that makes it all but impossible to challenge. Your final wishes are just that — your wishes and no one else should be allowed to argue them. However, disgruntled family members who feel that they deserve items from your estate have every right to take the will to court. This can be avoided largely by working with a lawyer to write out an ironclad will, one that can survive just about every legal challenge.
Trusts are a more complicated form of a will, and require a third party to administer them. The third party is known as the trustee and is the distributor of the assets that are put into the trust after your passing. There are two types of trusts: revocable and irrevocable. A revocable trust is one that you control while you are still living, even though there is an appointed trustee. You can do what you like with the assets in the trust and the beneficiaries get what’s left after you pass.
An irrevocable trust can not be broken by you or anyone else until the terms put in are met. As an example: you have assets you want to go to a grandchild for them to use for their schooling later in life. The money is only to be used for schooling or to be paid out when a certain age is reached, or both. You can essentially control how the money is used when you make an irrevocable trust, ensuring that it is used in the manner you designate.
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