Many people have heard about Revocable Living Trusts (Trusts) and that they may be some benefit from having one, however, many are not really even sure what a trust is or how it works. A good approach to understanding a Trust is to consider each word individually and what it means. Revocable – Means that […]
Widerman Malek Law Blog
4 Major Differences Between a Will and a Trust
A will is a written document—signed and witnessed—that indicates how your property will be distributed at the time of your death. It is revocable and subject to amendment at any time during your lifetime. It also allows you to appoint a guardian for your minor children. A trust enables you to create a separate legal entity […]
Do you have a last will and testament?
I’m sure everyone has heard of families who have fought bitterly over the assets left behind when a loved one passes on. There are arguments over who gets Aunt Bertha’s china, who inherits Grandma’s recipe book, who gets mom’s jewelry or dad’s antique car collection. When nothing is written down to show your desire on […]
Why do I need a will?
A will has three main purposes. 1) Establish a plan for distribution upon your death To document your wishes for how you would like your assets distributed upon your death. The simplest and most common distribution is what we commonly refer to as an “I Love You Will”. I give everything to my spouse and […]
Create a Trust to Keep Your Family Home Out of Probate
When a person dies, their estate goes through a process called Probate. This probate process is held through the courts and administers the entire estate. Everything that person owned is assessed. The taxes that were due or unpaid are taking care of and the assets owned will be distributed among the individuals identified in the […]
