Last Will and Testament
A Last Will and Testament is a legal document that serves, based on its acceptance, the purpose of arranging, maintaining and distributing the land, property and assets of an individual. The Last Will and Testament can be divided into two sections that take care of the use and control of the associated properties, estates and funds in various important positions.You may want to check out Phoenix Medicaid Planning Attorney for more.
These classifications are described as follows:
1) Strategy based on will:
Will Based Plan will assist a person in deciding the distribution of his estate and in clearly enlisting the details in the event of his death about who will get what. Under the Will Based Plans, the Last Will and Testament document covers several significant points, including the following major ones:
- A) The person who is allowed to serve as his personal representative/executor shall be decided.
(b) Agreeing on the rights and powers of his Personal Representative/Executor to be given.
- C) Deciding on the individuals/parties who are going to acquire the assets.
(d) Settle on the terms, conditions, procedures and other relevant details relating to the transfer of assets to the assignees.
If the beneficiaries include minor children, then it is appropriate to establish another important point for defining and considering the legal guardian of the children who will take care of the children and their share before the children grow older. When they become legal adults, this property will be turned over to the kids.
- Plan Based on Trust:
A Trust Based Plan involves the Revocable Living Trust of a person who takes care of the areas with regard to the points discussed in the “Will Based Plan” and, aside from that, takes care of some other aspects of the property and property of an individual. The person to be kept accountable for the Personal Representative/Executor of an individual would now be named his Administrative or Successor Trustee in this plan, until the person dies.
Even with a Revocable Living Trust to handle the unfunded land, one needs to have his last will and testament file. Before he dies, he has to finance his assets into the trust, so that the trust agreement can take care of more acts after the death of the person about the trust asset.