It’s never too early to start the process of planning your estate. There are numerous decisions to think about when determining your final legacy. Wills and Trusts Attorney in Holland, Donnelly & Mishler are helping clients come up with legally sound estate planning strategies for more than three decades. Estate planning is simply the act of making sure that your Last Will and Testament properly reflect your wishes and intentions for your estate and personal property. In the case of a Will, this includes making sure any money owed to others will be paid and any outstanding debts are also paid off. In the case of a Trust, this includes protecting any bank deposits and retirement accounts, as well as making sure any personal belongings left by a spouse are either given to a trust or purchased from an estate plan administrator.
For both wills and trusts, the most important document you’ll want to retain is the Will. This is the legally binding document that spells out the terms and conditions of your estate. If your intentions aren’t outlined in the Will, you’ll want to hire a qualified attorney to help draft your Will and then review it before executing it. The attorney should also help you fill out any necessary documentation, including but not limited to living trust statements, trust deed, and probate court documents.
There are several different types of wills and trusts, including irrevocable and revocable, also known as life, endowment, and endowment trusts. Revocable wills are the ones you can change your mind on if you become ill or pass away. Irrevocable trusts are those in which you own the assets but don’t have a power of attorney over them. In some cases, you may decide to sell your assets, so make sure you talk to a qualified lawyer before taking any steps that could revoke your Will. There is a lot of information available regarding the different types of wills and trusts, including their advantages and disadvantages, but if you’re unsure about the details, you should hire an attorney to help you.