Wills & Trusts Overview

Wills, Trusts and Probate Attorneys also file to admit a Will or Codicil to probate with the Probate Court on behalf of an executor, personal representative or beneficiary, or handle a Will contest to object to probate on behalf of a claimant to the estate. Wills, Trusts and Probate Attorneys also help people deal with estates of people who die intestate (without a Will) and applying to the Probate Judge to appoint an administrator or other personal representative and distribution of the estate to beneficiaries or their guardians, and paying Federal Estate taxes.

A new survey found that:

Only 44.4% of American adults currently have a will 53.3% said they do not have a will While 2.2% did not know or had no response The percentage of Americans with wills is up slightly three-and-a-half percentage points from a year ago (August 2001) when an identical survey found that 40.8% of American adults had a will.

You have worked hard all your life to raise your family and acquire your assets. The last thing you should want is for a dispute over your belongings to arise when you die. Proper estate planning can keep your loved ones out of probate court and can save them and you a lot of money.

Do You Need a Lawyer for Wills and Trusts?

Wills and trust attorneys draft wills and trust agreements for individuals tailoring a plan that best fits their needs.

Wills and Trusts Law Firms.com highly recommends that everyone execute a power of attorney for health care (also known as a living will) and a power of attorney for property to protect him or her in the event they become disabled. You should appoint someone to make decisions for you in the event you become unable to do so. The law also allows you to restrict your agent's authority however you see fit.

Trusts

Generally a Trust is a form of property ownership where the legal and equitable interest are split so that legal title of the property is held by the Trustee and the beneficial interest and remainder interest are owned by one or more others, whose rights are controlled by the terms of the Trust document.

The individuals involved in a Trust are as follows:

• The individual that creates the Trust is known as the Settlor, Grantor or Trustor.
• Beneficiary. The person or organization entitled to the benefits of the property held in the Trust is the beneficiary. This term usually applies to those entitled to the benefits of the Trust during its existence, but may also include those individuals or organizations that will receive property from the Trust at its termination.
• Trustee. The Trustee is the holder of the legal title of the Trust property and is under a legal and ethical duty as to the use, investment and disbursement of the Trust property. The Trustee holds the property in a "fiduciary" capacity.
• The property held under the terms of the Trust is the Corpus, Principal or Trust Estate. For example, if you transfer $1,000 into a Trust, the $1,000 is the corpus, principal or Trust estate.. This is the property held under the terms of the Trust. For example, if you transfer $1,000 into a Trust, the $1,000 is the corpus, principal or Trust estate.

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