Wills and Trusts

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Wills and Trusts

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

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