A Parents Guide To Wills And Trusts  

The best way for parents to show your children how much they love them is by leaving them precious valuables after they are gone.

         And, if as a parent you are going to be leaving valuables that are worth a lot of money, it is important for you to know the difference between wills and trusts. Here is a parent's guide to wills and trust that will help you understand the difference better.

Wills:

Will is a legal document that states who gets what when you die. The fact that it is a legal paper can pose a problem. When a person deals with a will, he also has to deal with the courts. Sometimes, it can lead to expensive court costs, which you may not want your loved one to incur.

You can get a lawyer to make your will and this will cost a few hundred dollars. However, the cost of drawing up a will is dependent on where you live and how complex your will is. You can also buy a will form from a stationary store for around $10 and make your own will by filling in the blanks. There are some computer programs that allow you draw your own will for around $35. No matter what method you choose to draw up a will, you will need to sign it and get another two to three people to sign as witnesses. The number of witnesses depends on the law of the state you are living in.

You can change your will by drawing up a codicil, which is basically additional paper that numbers the changes you do and you have to follow the same procedure as what you did when drawing your will.

Trusts:

You can set up revocable living trust which is a document that says who handles your assets while you are alive and what will happen to your assets after you die. While you are alive, your property and assets are held by the trust for your beneficiaries and they will get them when you die. You can change and amend the trust any time you want.

It is best to get the help of a qualified attorney to set up a trust so that it is done correctly and legally.

It is called a trust because you trust someone to look after your assets for you and when you are incapable of making decision, your wishes are carried.

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'a Parents Guide To Wills And Trusts'
 

Free-Wills-To-Print      None of us would like to think about dying but unfortunately this is a fact of life that we all have to face. It is a fact that we will die someday and that we why we have to think about our loved ones who will survive us. We have to make plans for them so that they are taken care of once we are no longer there. More..

 


 

 

 
   
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