Managing wills and trusts involves overseeing the distribution of assets according to the instructions laid out in a will or trust document. This includes ensuring that the assets are properly transferred to the designated beneficiaries, and that any taxes or debts are paid before the assets are distributed.
Additionally, it may involve managing assets held in a trust, such as making investments or paying out income to beneficiaries. It is typically done by an executor or trustee, who is appointed in the will or trust document.
They will be responsible for gathering the assets, paying any debts and taxes, and distributing the assets according to the instructions in the will or trust.
What are Wills and Trusts?
As Angelique Friend explains, a will is a legal document that outlines how an individual’s assets will be distributed after the death.
A trust, on the other hand, is a legal arrangement in which a trustee holds and manages assets for the benefit of one or more beneficiaries.
Purpose of Wills and Trusts in Estate Planning:
Attorneys like Angelique Friend emphasize that the primary purpose of a will is to ensure that an individual’s assets are distributed according to their wishes after their death.
Contrarily, a trust can be used for a variety of purposes, such as avoiding probate, reducing taxes, or providing for a minor or disabled beneficiary.
Wills: What You Need to Know
A will is a legal document that outlines an individual’s wishes for distributing their assets after death.
It can include instructions for the distribution of property, the naming of executors and guardians, and other important decisions.
There are several types of wills, including the simple will, a testamentary trust will, and a living will.
The importance of having a will is to ensure that an individual’s assets are distributed according to their wishes and to minimize the potential for disputes among family members.
Trusts: What you need to know
A trust is a legal arrangement in which one or more trustees hold and manage property or assets for the benefit of one or more beneficiaries.
The person or entity creating the trust is called a grantor, settlor, or a trustor. They transfer ownership of their property or assets to the trustees, who are responsible for managing and investing the assets according to the terms of the trust agreement.
Trusts can be used for different purposes, such as avoiding probate, reducing taxes, or providing for a minor or disabled beneficiary.
There are several types of trusts, including revocable trusts, irrevocable trusts, and testamentary beliefs.
The importance of owning a trust is that it can provide for the management and distribution of assets during one’s lifetime or after death, it can provide for the beneficiaries in ways that a will cannot, and also it can provide tax benefits.
How Angelique’s Friend Can Help You Manage Wills and Trusts?
Angelique Friend can help you by providing guidance and advice on the creation and preservation of wills and trusts. She can assist you by telling you about the various type of wills and beliefs and their benefits. She can also help you understand the probate process and how to avoid it.
Angelique Friend Trustee has helped many of her clients understand the tax implications of wills and trusts, and she can help you navigate the legal requirements for creating and maintaining these documents. She can also act as a trustee for your belief, and make sure that the assets are managed according to your wishes and the trust’s terms.So, if you’re looking for someone who is experienced and reliable enough to handle your wills and trusts, contact Angelique Friend.