It is never pleasant to think about what will happen when you die, but it is a necessary task everyone must take care of. Enlisting the help of a reputable attorney will help you determine exactly what your situation requires. At the least, everyone needs a will, but some situations also require a trust. Determining your need for wills and trusts in Lafayette, IN, is important as early as possible in your adulthood to help prevent the worst from occurring upon your death. If you do not prepare your estate for your death, you could put undue financial and personal stress on your loved ones.
What Is a Will?
A will is a written document that states exactly how you want your assets distributed in the event of your death. The will is a detailed legal document that can provide the distribution of your monetary assets, as well as physical assets, such as your home and belongings in your home. The will also determines who is in charge of distributing your assets and settling all your final details. The designated person will handle all your arrangements, as well as ensure all beneficiaries get what they are entitled to.
What Is a Trust?
A trust is also a legal document that handles your assets in the event of your death. The
main difference in a trust is it designates a trustee to take over the care of your estate in the event you become mentally incapacitated. The trust takes effect right away, even when the trust maker is perfectly healthy. The trust maker can handle all his own financial affairs; he will simply have to sign as a trustee of the trust rather than as himself. When the point of inability to care for his own estate occurs, the trust then turns the responsibility over to a designated trustee who handles the trust maker’s financial affairs for him, as well as in the event of his death.
Determining whether your situation requires a will or trust is best when decided with a reputable attorney. Preparing wills and trusts in Lafayette, IN, takes legal expertise and knowledge of all situations to help you determine the best route for your estate. Protecting your estate from probate or the government deciding the fate of your estate is the best thing you can do for your family and loved ones in the event of your death.
For more information about preparing wills and trusts in Lafayette, IN, visit the website of Ball Eggleston PC or call 765-742-9046.