Differences You Should Know Between a Will and a Trust
The purpose of both real estate and trusts is to manage real estate and assets. There are a number of people who do not understand that wills and trusts are different and it is good to know these differences by ensuring that they view here on this website for more info. It is important for every person to make sure that they leave a will so that they will solve different issues that affect family after the person has died. A trust shows that a person has given someone else the mandate to be the manager of his or her properties. There is a lot more that you learn from this page and hence you must read more now.
Understand what a will is. Any time a person has died who is a parent or anyone with something to be inherited, people will always ask about a will that he or she has left. It helps to solve issues that brings conflicts within the family because of properties that was left behind since it helps to ensure that the properties have been shared as per the parent wishes. Despite the fact that a will should solve conflicts, sometimes it doesn’t happen since there sure those that do not see a will as being fair to everyone and this will make them to hate those they feel that they were more favored. Ensuring that a will is safe is crucial and hence it’s advisable that when you write a will you have a lawyer and also someone who will act as a witness. You might however have a lawyer but you end up still being betrayed after you have died and for that reason, you have to know the person you choose to as your lawyer because not everyone is a good lawyer and some may end up not doing what you had directed so select your lawyer well.
You should know about a trust. While a will come to act when a person has died, a trust will serve when a person is still alive and its work is to show what the manager of the properties has been assigned by the owner. You will come across an irrevocable trust and a revocable trust. An irrevocable change accommodates changes whereas an irrevocable trust doesn’t allow changes on it. Having a manager for your properties is important but it’s more important to make sure that the manager you have is the best and he or she will add value to your properties. Having gone through this article, you must now have enough knowledge of the wills and trusts.
Cited reference: link