Differences Between Wills, Trusts & Dying IntestateShare this post
You have an idea of how you want your estate to be divided when you pass away. Creating a will is the only way to develop and put the force of law behind this idea. A will is a legal document that states your wishes for how your property, money, and other assets are to be distributed when you die. A will must be signed by you and witnessed by two other persons, who must actually see you sign the document. It will then need to be notarized in order to be valid.
Writing a will is one form of estate planning. You can also create a trust. A trust is a legal device that allocates money in a way that minimizes your tax burden and administrative costs. A trust consists of a trustor, the person with the money, a trustee, who manages and oversees the distribution of the money, and the beneficiary, the person who will receive the money or assets.
Setting up a trust is a great way to give a loved one an adequate start in life. The trustee that you choose must be reliable. They must ensure the solvency of the trust and must distribute the money according to the terms and conditions that you set down. Persons are not the only ones who can become trustees. Your lawyer or a bank, charity, or church can also carry out these duties.
The Perils of Dying Intestate
If you die without leaving a will, then your estate will be deemed intestate. In this instance, a probate judge will decide how your estate is to be divided. An intestate estate can tear a family apart. Your family can spend years fighting over who is entitled to what.
Anthony J. Madonia & Associates are estate planning lawyers in Chicago. They can help you create a will that reflects your intentions and to establish the kind of trust you want. The estate planning lawyers in Chicago at Anthony J. Madonia & Associates can help you make decisions that will be of great consequence to your family. Contact our office today to schedule a consultation.