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Wills and Trusts

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  • 1. Wills and Trusts
  • 2. What is a Will?
    • A legal document designated to distribute your money and property after your death
    • Details funeral and burial arrangements
    • States, if you have minors, who becomes the guardian
  • 3. How to Create a Will
    • Many ways to create a will
    • The easiest but most risky way is to write it on a blank piece of paper
    • Hire an attorney, purchase forms at bookstores
    • Purchase software that comes with blank templates to create a will
    • Best way to create a will is to seek advice from an attorney
  • 4. Cost to Prepare a Will
    • Depending on your financial complexity, if a lawyer draws up your will it can cost anywhere from $100 to $3,000
    • Computer software, on average, is normally around $50
    • A will form from a bookstore should cost less than $10
  • 5. What is a Trust?
    • A trust is a written agreement that states what happens to your assets in the event of your death
    • It enables you to transfer your legal title to a trustee
    • The most popular trust is a “revocable” trust because you can change it at any time as long as you’re living
  • 6. Terms
    • Trustor- the individual who owns the assets and creates the trust
    • Trustee- the individual who is responsible to assets when the trustor passes
    • Successor Trustee- a person who succeeds the original trustee if they can no longer fill the role
    • Beneficiary-a person who benefits from the assets held in the name of the trust
  • 7. Differences in Wills and Trust
    • Trusts are becoming more popular
    • In a will your assets are in your name, where as a trust your assets are in the hands of trustee
    • There is no need for probate with a trust because assets are already designated to beneficiaries while you are living
  • 8. Works Cited
    • www.yahoofinance.com
    • www.cnbc.com
    • Orman, Suze. The Road to Wealth. Copyright 2008.