and wills are meant to secure the financial future and welfare of
close relatives. A living trust can be a tangible or financial asset.
The way a trust is set up and managed may indicate whether or not it
goes through the probate process. A living trust stays clear of
probate by transferring property into living trusts.
successor, or person handling the trust, transfers ownership to
beneficiaries when the testator dies. When a trust doesn’t need to
go through probate, the process lasts a few short weeks and there are
no court fees involved. A comprehensive and legally valid trust saves
family members the hassle of probate. Without that, personal assets
may not be distributed to loved ones the way the decedent wishes. A
And Trusts Lawyer in Davenport, IA
takes an initiative. The efforts of a lawyer will have an estate
planned just the way the testator wants.
living will, also known as an advanced directive, is a document
explaining what the testator wishes to be done in deteriorating
health. A will also names beneficiaries of valuable assets that are
left behind by the testator. Generally speaking, family feuds have
risen when a loved one dies with no living will. There are disputes
about who should own the home and other high priced assets. A living
will can avoid this for the most part.
are reasons to challenge a living will. If a family member believes
the testator was not in a sound state of mind to have good judgement,
a will can be contested if that notion can be proven. Unduly
influence means someone tried to intimidate the testator into making
choices against what they would personally want. A will is deemed
fraudulent when someone is claiming to assist in the writing of an
official document with the person signing unbeknown to the fact that
it is a will.
The requirements for making a legally valid will are different from state to state. To prevent the inconvenience of unknowingly signing a will that has something legally invalid, a Wills and Trusts Lawyer in Davenport, IA should provide guidance in creating one. Take a closer look at.