Guide to Wills and Trusts Attorney

If you have a will and trusts in place, you are probably wondering what duties, rights and powers you have over your assets if you don’t die first. While it is difficult to define the “rules” surrounding your will and trusts, having an experienced attorney to help you navigate the process can make the entire process much smoother. This type of legal document contains certain language that can be difficult for the average person to understand, so a lawyer can clarify any legal questions you may have and help you fill out and file your will and trust. The most important issue to remember when creating a will and trust is that if you don’t complete the process correctly, there can be serious consequences including not only estate tax ramifications but also penalties and interest being owed to other beneficiaries.Learn more by visiting Phoenix Wills and Trusts Attorney

One of the first things any Will and Trusts Attorney will do is to create a comprehensive checklist of everything he or she believes you intended when designing your will. Along with this, they will discuss how to avoid probate, which is the administration process of processing your estate while avoiding probate obligations. Probate is a time consuming and often confusing process that may impede the proper distribution of your assets to your beneficiaries. If at all possible, avoiding probate helps your beneficiaries receive their inheritances quickly and without issues. The best way to accomplish this is through a will and trust that clearly identify who your beneficiaries are and ensure they receive their inheritance promptly.

For some individuals, even having a will exists without probate, as they may bequeath a specific trust rather than a will. If this is the case, there are still several steps involved before distributing your assets. For example, the testator must establish instructions for how beneficiaries will spend or benefit from the estate, and the testator’s last will and testament must include terms acknowledging who may have an ownership interest in the property transferred. The easiest way to overcome these formalities is through a qualified attorney, who can assist the testator in creating the correct will and trust for their specific needs. Once you have chosen an experienced attorney to help you, they can make suggestions on how to accomplish these tasks, as well as any technicalities that may arise. Many good lawyers can also offer referrals to other qualified lawyers that might be helpful in this process.