>Wills, living wills and living trusts are essential documents that provide peace of mind and resolution to your overall estate planning. While each document serves a different and specific legal purpose, everyone should be familiar with these instruments.
You have worked hard to protect your loved ones. The proper use of these three legal instruments will make sure that your loved ones are not unduly burdened in the future and that there is no confusion about your estate. Creation of your will, living will or living trust will protect you, your loved ones and your estate while assuring that your precise wishes are enacted upon your death.
To begin protecting your estate and planning for the future, you should become familiar with the intent and legal purpose of the will, the living will and the living trust. When you understand the significance of each document, you will be prepared to select the document or documents that best suit your purpose.
In this day and age, it is virtually inconceivable that each individual does not have a will and a living will. The living trust is practical but the use of the living trust may depend upon the composition and scope of your estate.
The Will – The will is a legally binding document that contains information about your estate. The will generally identifies assets and sets a specific course of distribution of those assets upon your death. The will can also establish a legal guardian for specific minors and define the terms for future distributions to those minors. In the will, you will have the opportunity to specify the future payments of debts, funeral expenses and any outstanding taxes. Many persons use the will to legally designate an executor who will be responsible to administer your wishes. Regardless of the size of the estate, every individual should complete and file a will. This avoids the potential of confusion upon your death. Creating and filing a will is a simple and inexpensive process that can save a great deal of emotional stress among loved ones in the future.
The Living Will – The living will is an important legal instrument that expresses and clarifies your precise instructions should you ever enter a prolonged medical condition. The living will notifies loved ones and health care providers of your specific wishes and instructions. Common issues addressed by the living will include instruction for resuscitation, blood transfusions and life support decisions. The living will allows the individual to set personal instructions about these difficult but inevitable decisions while relieving loved ones from making decisions that may not comply with your wishes. In today’s world, health care providers have become insistent about the creation and use of a living will. Again, the living will is inexpensive to create but serves an important legal purpose.
The Living Trust – The living trust is another legal document that authorizes a trustee to administer all affairs about your estate. This can include liquidation, distribution and other conditions specific to your instructions. One advantage of the living will is that it circumvents probate court. Once the trustee takes control of the estate, the trust is negated. The creation of a living trust does not negate the need for a living will, or even for a will as the living trust only applies to the assets specified in the document.
Whether you decide to create a will, a living will or a living trust, the presence and location of these instruments should be made known to your loved ones. Documents of this nature should be preserved in a safe, dry location. Many persons keep copies and store originals with an executor, trustee or attorney. While you may want to consult with an attorney to make informed decisions about which documents will best serve your intentions, it is not necessary to retain an attorney to draft the documents.
To create a solicitor verified legal will, everything you need is available at Legal Will Online. Use the easy-to-use, easy-to-access service to legally create the document or documents of your choice. When it is convenient, feel free to review the instruments with your attorney. Create your will, living will or living trust and relax. You have done everything you can for your loved ones. Now is the time to enjoy them!