In the USA there are laws and regulations that pertain to wills and trusts of people. Both of them fall under inheritance and succession after the demise of an individual. Wills and trusts are not the same and there is a difference between the two. Although most people are not aware of this difference, it is prudent for you to always consult a very good legal expert who will guide you through the process of trusts and wills when you are going in for estate planning.
Dan DeKoter Lawyer- Get help from an experienced professional
Dan DeKoter is an experienced and credible civil law advocate in the USA. He says that estate planning is one of the most complex subjects of law that people have an idea about. He states that wills are enforceable only after the demise of the individual who created it. The will is the last testament of the individual. He may have created two to three wills during his lifetime however the last created will before his or her death will be considered to be legally valid. All the wills that have been created prior to that last will stand null and void.
Legal implications of a trust…
Trusts are created by an individual and they come into legal effect
immediately. The Dan DeKoter Lawyer team ensures that their clients are briefed correctly on the differences between the two when they wish to make them. It is important for the creator of a will or trust to be aware of how they work. He or she has to be educated on the legal implications of both. It is here that lawyers have to take the onus of explaining them to their clients. In case of a will, there is a probate that needs to be enforced once the person dies. Of course, a probate needs a legal executor so that the beneficiaries of the will are able to receive their share evenly without hassles.
What is an irrevocable living trust
Under the law of trusts, you will come across something that is known as an irrevocable living trust. This implies that the terms and the conditions of the trust cannot be changed once created. However, if you wish to keep your will or trust open to change, consult your lawyer and make the changes only when you are aware and mentally fit. They should always be done with the guidance and the consultation of your lawyer. Unlike a will, a trust does not need a probate in order to be executed under law.
The Dan DeKoter Lawyer team says that whenever you think you need to create a will or a trust, always go to a qualified and skilled lawyer who has years of credible experience in the field. There are certain rules pertaining to the properties that are covered. A sound knowledge of the law will help you get a trust or a will that is defined and easy for your beneficiaries to enjoy!