Wills and Trusts

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Information about Wills and Trusts
Finance

Published on March 5, 2009

Author: fpcksc

Source: slideshare.net

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Wills and Trusts

What is a Will? A legal document designated to distribute your money and property after your death Details funeral and burial arrangements States, if you have minors, who becomes the guardian

A legal document designated to distribute your money and property after your death

Details funeral and burial arrangements

States, if you have minors, who becomes the guardian

How to Create a Will Many ways to create a will The easiest but most risky way is to write it on a blank piece of paper Hire an attorney, purchase forms at bookstores Purchase software that comes with blank templates to create a will Best way to create a will is to seek advice from an attorney

Many ways to create a will

The easiest but most risky way is to write it on a blank piece of paper

Hire an attorney, purchase forms at bookstores

Purchase software that comes with blank templates to create a will

Best way to create a will is to seek advice from an attorney

Cost to Prepare a Will Depending on your financial complexity, if a lawyer draws up your will it can cost anywhere from $100 to $3,000 Computer software, on average, is normally around $50 A will form from a bookstore should cost less than $10

Depending on your financial complexity, if a lawyer draws up your will it can cost anywhere from $100 to $3,000

Computer software, on average, is normally around $50

A will form from a bookstore should cost less than $10

What is a Trust? A trust is a written agreement that states what happens to your assets in the event of your death It enables you to transfer your legal title to a trustee The most popular trust is a “revocable” trust because you can change it at any time as long as you’re living

A trust is a written agreement that states what happens to your assets in the event of your death

It enables you to transfer your legal title to a trustee

The most popular trust is a “revocable” trust because you can change it at any time as long as you’re living

Terms Trustor- the individual who owns the assets and creates the trust Trustee- the individual who is responsible to assets when the trustor passes Successor Trustee- a person who succeeds the original trustee if they can no longer fill the role Beneficiary-a person who benefits from the assets held in the name of the trust

Trustor- the individual who owns the assets and creates the trust

Trustee- the individual who is responsible to assets when the trustor passes

Successor Trustee- a person who succeeds the original trustee if they can no longer fill the role

Beneficiary-a person who benefits from the assets held in the name of the trust

Differences in Wills and Trust Trusts are becoming more popular In a will your assets are in your name, where as a trust your assets are in the hands of trustee There is no need for probate with a trust because assets are already designated to beneficiaries while you are living

Trusts are becoming more popular

In a will your assets are in your name, where as a trust your assets are in the hands of trustee

There is no need for probate with a trust because assets are already designated to beneficiaries while you are living

Works Cited www.yahoofinance.com www.cnbc.com Orman, Suze. The Road to Wealth. Copyright 2008.

www.yahoofinance.com

www.cnbc.com

Orman, Suze. The Road to Wealth. Copyright 2008.

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