A lawyer for trust and will is a qualified professional who helps people set up the legal documents they need to create a trust or will. A will distributes assets among people according to your wish. However, there are legal requirements and limitations on how assets can be distributed. The one who creates the will is known as the testator.
What Are the Steps for Creating a Trust or Will Agreement?
Creating a trust or will agreement is important in planning your family's future. Following are the steps to create a trust or a will agreement:
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Determine how you will write your will
There are two ways to draft a will in the United States: holographic and typed. The only difference between them is that with a typed will, you have to keep the original and at least two copies of it for it to be valid. Many states require specific formalities for a will to be valid, including the presence of witnesses. Consult with an attorney in your area for more information.
You can also choose to have your will notarized, meaning an independent witness will sign their name on your will and verify that you signed it.
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Include Legally Binding Text
Once you've decided on the type of document you want to create, it's time to fill in the blanks with specifics. Begin by selecting an executor or personal representative who can fulfill your wishes.
Next, decide how much control you want this person to have over your assets by choosing one of two types: limited or general power of attorney. Finally, determine how much money should go toward paying off debts before distributing anything else (this amount is known as the probate exemption).
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Make a Guardian Choice
Minors are not eligible to make any decisions in regard to agreements, hence they need a guardian to represent them to interpret various estate planning documents. Furthermore, a minor cannot serve as the executor or personal representative of a will. Instead, a guardian or other adult may be appointed to manage the minor’s assets until they reach the age of majority.
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List Your Possessions
You should include details about each possession you own, such as its value, location, and condition. This includes real estate and personal property, such as cars and jewelry; financial accounts, like bank accounts and retirement funds; investments, like stocks and bonds; other valuables, such as art collections; and household goods, like furniture or appliances.
This will help your executor know what items need to be sold or liquidated after your death and how much money they'll receive from selling them.
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Belongings Partition
When you create a trust or will agreement, you need to determine who will receive each of your belongings. You can leave anything from money to property to sentimental items (like photos, awards, and family heirlooms) to your heirs.
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Determine a Residuary Recipient.
A residuary recipient is a person who receives all remaining items after other bequests have been made, but only if there aren't any other specific instructions for distribution written in the will or trust agreement. In addition, the residuary recipient may still receive assets even if there are specific instructions for distributions. The residuary recipient receives any remaining assets that are not specifically bequeathed to other beneficiaries.
For example: if you give $10,000 to each of the four children and then leave $100,000 in a trust fund for them to receive when they reach age 30 but die before reaching that age—then the residuary recipient would collect the remaining $90,000 because it wasn't specifically designated elsewhere in the document.
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Select a Will Executor (if applicable).
A will executor legally oversees the transfer of assets once someone has passed away; they're responsible for gathering all relevant documents and paperwork related to their estate management duties so they can fulfill those requests without having any problems later down the road! The executor also has a fiduciary duty to act in the best interests of the estate and its beneficiaries. This includes managing and distributing assets, paying debts and taxes, and fulfilling any other obligations outlined in the will.
What Is the Role of a Lawyer in Creating a Trust or Will Agreement?
Here are the top five things that lawyers can help you with when it comes to creating a trust or will agreement:
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Provide Legal Advice on the Terms of Your Will or Trust
Your lawyer can help you identify the key aspects of your will or trust, such as how much money you want to leave to a particular person or organization, and then can help you lay out those details appropriately.
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Help You Complete All Required Forms and Paperwork
Your lawyer will also help you fill out other forms related to your estate plans that may be required by the state where you live, such as a health care proxy or durable power of attorney.
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Ensure That Your Documents are Filed Correctly
Finally, once your estate planning documents are completed, they must be properly filed with the county clerk's office and recorded with the court system to become valid against future challenges by other interested parties who may object to their content or intent.
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Protection Against Fraudulent Claims by Making Sure All Requirements Have Been Met
A lawyer can help you ensure that your trust or will agreement is airtight and meets all the legal requirements for it to be valid in your state. This means ensuring that the beneficiary named in your agreement exists, that they are legally competent, and that they are aware of their inheritance.
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How Much Does a Lawyer Trust and Will Cost?
All states' average cost of making a revocable living trust is $1,500 - $2,500. The cost will vary depending on the complexity of your situation, but you can expect to pay between $600 and $1,000 per hour for the attorney's time.
The actual cost of creating a trust depends on several factors:
- The type of trust you have (living or testamentary)
- The number of beneficiaries
- Whether you want to name a successor trustee for your property after your death or not
What Are the Tips to Remember While Filing a Trust or Will Agreement?
When you're creating a will and trust, it's important to remember these tips:
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Keep it Simple
A trust or will agreement should be easy to follow and understand, so ensure you only include necessary information. The document should also be short, so include personal details that are optional to distribute assets.
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Be Specific
Ensure you include the names and ages of all beneficiaries and any other requirements that must be met before someone can receive an inheritance (such as being over 21 years old).
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Avoid ambiguity
If there's room for interpretation in your document, make sure it's clear what should happen if a beneficiary dies before receiving their inheritance or another person inherits before the main beneficiary does.
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Use Clear Language
Avoid using legal jargon whenever possible—anyone reading your document must understand exactly what you mean without researching the meaning of specific phrases or terms first!
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Consider the Tax Implications
If you have a lot of assets, it's wise to consult an estate attorney before choosing how to distribute them. Your attorney can help you determine what type of trust or will agreement will be best suited for your situation—and how much taxes might impact your desired distribution methods.
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Don't be Afraid to Ask Questions
Don't be afraid to ask questions and seek advice from professionals—your lawyer or accountant—when it comes time to create a trust or will sign the agreement. You don't want to make any mistakes that could cost more money down the line.
What Are the Clauses that Must Be Present in a Will or Trust Agreement?
When you're ready to write a will or trust, it's important to keep in mind the key terms and phrases that will help you make sure your wishes are carried out.
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Revocation Of Previous Wills
This allows you to revoke previous wills, if necessary.
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Appointment Of Executors
This allows you to appoint an executor (the person responsible for carrying out the terms of your will or trust).
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Bequeath Property
You can leave property to specific people after your death. This can be real estate, personal property, or other assets.
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Attestation Clause
An attestation clause ensures that all witnesses are present when signing the document in order for it to be valid at a later date.
Conclusion
Whether you're a business owner, an individual with assets to protect, or just looking to plan for your future, you should hire Contracts Counsel lawyers to ensure your trust agreements are done right. We can help you draft a will agreement to ensure your loved ones are taken care of, and we can help you ensure that your business has the legal protection it needs.
If you have questions about any of this or want more information about how we can help you with your contracts and will agreements, please contact us today!
