Crucial Things To Know When Writing Your Trusts And Wills
The topic of will writing is never friendly to the majority; this has resulted in a considerable number of people not having their will even at old age. In case you are one of them, it is very desirable to you to have a professionally written will. If you think of it in the event of death, which is never anticipated by anyone, your beneficiaries will find it legally hard to claim your assets; they will have no author to deal with them too. One may think it is just fixed assets such as estates which require a written will, but even the small bank account and personal possessions require an application to the court for the appointment of the trustee for them to be transferred legally.
With the above highlights, it is now evident to you that you need a skilled attorney on your side to draft a legally binding will. One, the lawyer, has the right experience to draft the will as well as estate planning. You need an attorney with the right expertise to guide you on critical issues such as how to avoid probate fees, how to postpone asset distribution to the children beyond 18 years or even 21 and how to establish trust funds for your children among many others. As a layperson, your draft may be full of errors leading the whole of the plan failing. For instance, provisions that postpone estate distribution to children at 21 or even later requires carefully worded clauses. If this is not perfectly worded, it can lead to the assets being distribut5ed at 18 regardless of the stipulations of the will. It is also technically difficult for a layman to take into account RRSPs and insurance provisions when drafting the will; this may result in your young loved ones being denied access to major assets until they reach the age of majority and then receiving the full amount. What about using the available will kits to come up with your will? This is one of the ways which one may argue can use. The truth, however, is, however well a kit is conceived, it cannot substitute properly drafted will. Remember, situations differ from one person to another and therefore, you need a qualified draftsman to fully and professionally draft your intention; the attorney has the right skills to get sufficient information to draft a will which suits your situation. It is common for almost every client to be amazed at the end of conversation with the attorney; they get amazed of various options which are at their disposal most of which they never knew of before.
The attorney is also very well versed in the new estate rules. For instance, not all cases require probate like in the case where the direct beneficiary is named directly. This means; attorney guidance is very paramount as it makes it possible to plan well.