Wills and Trusts
Wills and Trusts, though similar in the fact that they determine what is done when we pass away, have their own distinct differences and usages. A Will, or a Will and Testament, is a legally binding document that will contain a person's wishes for what will be done with their property, assets, and other personal items at the time of their death. A will and testament will name an executor, who will coordinate and manage the deceased's property until everything left behind by the deceased has be accounted for. However, a Trust describes an arrangement where a person or organization, the Trustee, on the behalf of another person or organization, the Trustor, is given the right to hold property, titles, and other assets for a third party, the Beneficiary. Trusts are often established to protect the trustors' assets, protect the trustors' wishes, reduce paperwork, or in some cases, to avoid or reduce taxes like estate tax, or even to reduce or avoid inheritances. Deciding what is to be done after our passing may seem a grim task, but it is essential in protecting our belongings while we're alive, and making sure that our families and loved ones may inherit what we leave behind when we pass. Our team at Heritage Law understands how delicate forming a will or trust may be, as well as how difficult it may be to understand a loved one's last wishes and see to it that their wishes are properly fulfilled. A will may be made without legal representation present, but Heritage Law can offer support in concisely planning, publishing, keeping, and executing your potential will and testament or trust.