Attorney Morgan McGrath and her team are here to represent you in assisting with wills and trusts. If you or your family is trying to get your affairs in order for the future, Ms. McGrath and her team are standing by to assist you in what can be a difficult and tedious legal process.
By Definition: A will is a legal document that informs the right legal authorities what should happen to one’s possessions when they die. Wills can be any length, and in most states, must be witnessed by others who agree that you have the mental capacity to make your own choices.
If you have children that are minors, it designates their legal guardian (with whom your children usually would live with), and sometimes a financial guardian, who’d make sure that your assets are distributed to your kids appropriately through their minor years and in full when they reach legal age or another designated date. After you pass, a will must be verified as valid in “probate court,” which is a court of law that deals specifically with wills and estates.
A trust is like a mini-corporation through which property intended for the benefit of one, known as the “beneficiary,” is held by another, the “trustee.” The trustee and the beneficiary sometimes are the same person; sometimes there are many beneficiaries, and sometimes there are many trustees.
Trusts allow your assets and possessions to skip the probate court process and go directly to the intended recipients. This helps save time and money that would be spent on court and attorney fees.
Without a will, one is taking a risk. Your money, house, car, boat, other material items and minor children wind up in limbo. With no clear recipient, beneficiary or guardian to receive said possessions.
A trust is geared toward those with a positive net worth and assets, such as cars, houses, savings accounts (view more on stopmyirsbill.com) and a pricey life insurance policy. If you don’t have much in the way of these assets, a trust may not be necessary.
A trust requires maintenance and planning and can be more expensive to create than a will. However, upon your death, the trust will be immediately transferred to your beneficiary, with no lengthy and costly probate involved.
If you are looking for representation regarding wills or trusts, please call Attorney Morgan McGrath now at 786.303.5825 to speak with someone that can help start the legal process for you and your family.