Seeking legal advice on wills and trusts is incredibly important. It can be uncomfortable thinking about the certainty of death so preparing for what will happen to your possessions after you have gone is frequently avoided, or simply forgotten about. If you don’t prepare a will then you can leave quite a few complications and difficulties for those left behind grieving. It does not just fall on the elderly to make a will; even if you are young the importance of creating a will should not be disregarded.
Creating a will is the best way to ensure that your estate is passed on to family and friends in the way that you wish. It is a legally binding document that plainly defines who is to receive your property and possessions after your death. Some of the reasons why you should get legal advice on creating a will is that solicitors can help you explicitly define who inherits and how much. They can also help you understand the implications of the Relationship Property Act and appoint legal guardianship for your children. Setting up trust funds for your children if you pass before they reach the age of maturity is also a key point that they can assist you with. Appointing executors to act as your trustees is another important aspect of a will. Legal advice on wills and trusts is the best approach to take to make sure that everything runs exactly how you wish following your death. If you don’t seek legal advice and make a will yourself, there are quite a few things that can go wrong and you will leave loved ones with difficulties to deal with.
A trust occurs when one person holds and owns property for the benefit of another person. The purpose of a trust is for you to gradually transfer your assets to the trust so that legally you own no assets yourself, but for you, at a trustee of the trust, to still have some input with regards to who will get the benefit of these assets. It is best to set up a trust when you are still alive and is a popular way of structuring one’s affairs. It is vitally important that if you intend to use a trust that you receive the correct legal advice so you understand the legal relationships and obligations involved. Your lawyer will help you with drawing up the principal document creating the trust which is known as the “trust deed”.