A will and a trust are very important pieces of documents that detail how, in the event of death, you want the assets and/or properties you own to be rightly dispensed and/or allocated to specific parties. For such a valuable legal record, here are a few basic information you should know about it, along with the benefits of working with will writing agencies:
Benefits Of Working With Legal Will Writers
1. Legalities And/Or Technicalities
Much like anything under the sun that goes through scrutiny of the law is closely reviewed in detail, the same holds especially true with writing a will. A wrong placement of punctuation, a misspelt word, forgetting to include particulars, incomplete documentation, and the like — there are several challenges that need to be addressed to avoid “loopholes” in your will.
This is among the major reasons why working with a will writing service will be of great help to you. Will writers are professionals who are trained in this regard. They are knowledgeable of the legal proceedings which entail writing wills and can therefore lower and/or eradicate the risk of parts of your will not being followed as you intend.
2. Guidance And Review
Your will writing specialist can be with you every step of the way and of any process related to put to paper your volition. Contrary to what many believe, a will is no mere letter. Though in essence, that is how it is created and presented.
However, it is, through and through, a legal document. Writers’ expertise in the operations of the law is on the subject of will-creation can ensure that the outcome shall be to your favour. Remember that it is “binding”. It will be a definite advantage to have experts write them for you.
3. Communication And Customer Service
For inquiries, you will find it convenient to reach out to the representatives of your will writing service. They frequently have customer service specialists waiting on the line, ready to tend to their clients.
Even better, those who have an online presence have chat portals for you to reach out to them in real-time. This implies that you can expect timely responses in the event that you want a question regarding your will. Supplementarily, you can contact them via appointment, call, or email.
4. Advice On Power Appointment
With a writing firm, you can go over what excompasses certain powers you may assign to key personnel. This, specifically to the person who shall take on the helm of implementation. Also referred to as “personal directive”, he or she will have command of both the financial and legal dealings of your declaration.
You and your lawyer can set up a meeting with your will writing specialist from firms like the Wills Trusts LPA UK Solicitors to assess said personal directive. The objective here is to certify that the powers to be provided will still fall within requirements that are favorable to you.
5. Quick Turn-Around
This is a variable not many are aware of — that writing firms are able to write, inspect, review, and complete client wills in a swift and concise manner. Do not fret about accuracy because you and your attorney can always carefully inspect the details. Even better, editing can be done seamlessly and without delays just as well.
Trusts And Will-Writing Terminology
Will Versus Trust
Before we briefly define each one, it is to your advantage to secure your assets and properties, and their full transferral to your chosen recipients, through both a will and a trust.
A will and a trust carry the purpose of detailing how you want your assets and properties distributed after death. The difference between the two is that a will necessitates the presence of an executor. On the other hand, a trust shall have you personally appoint a trustee to handle your will as a whole. Accordingly, a trustee generally does not mandate court-challenge.
1. The Executor
This is one of the most important names your will shall contain. The executor is the person you want to legally assign the responsibility of “executing” the arrangements you disclose in your will. Hence, the term itself. An executor works with and for a probate court.
The executor is he or she who is given “power” to set the instructions in your will to motion.
2. The Trustee
A trustee is similar to an executor in that he or she will carry out the specifics of your trust. Only, as mentioned above, the trustee will be appointed by you and without the influence of the probate court.
3. Power Of Attorney
“Power of attorney” is the legal terminology that concerns how much and what kind of authority you are to give the executor or the trustee. This legal document is what legitimizes the responsibility they should pursue on your behalf, and with exactitude to your will or trust.
4. The Testator Or The Grantor
To put it simply, these are words that describe you, the source of the declaration. We differentiate these from the term “writer”, as the latter may mean a will-writing specialist.
The testator is the one who wants his or her last will and testament to be drafted and implemented. When writing a trust instead of a will, the word “testator” is changed to “grantor”. They are analogous in meaning.
An “issue”, in this context, speaks of the direct progeny of the grantor or the testator. Your direct offspring. Natural-born, blood-related children and grandchildren, along with adopted members in your pedigree belong in this category.
Testators or grantos who have minor children are strongly urged to name a “guardian” in their wills. Most states consider those who are 18 years of age and below as minors. Select only one guardian to name in your will, even if, essentially, you want a married couple to care for your kids after you pass away.
Besides your and your children’s trust towards the guardian as a vital factor, parenting skills, financial and/or job stability, current living situation (locational), similarity of values with yourself and your family, among others, are variables to scrupulously examine.
Heirs are, by law, beneficiaries of a deceased person’s assets and properties if said person dies without a will or a trust prepared beforehand. The order of inheritance begins with your spouse and your children. Next in-line are your grandchildren. And third, the rest of your relatives.