Drawing Up Your Last Will and Testament
In drawing up the will, that takes effect after the death, we need solicitors and financial advisors to help us assess the totality of your assets and liabilities. However, decisions on which assets go to which beneficiary solely depend on you. Your lawyers are there to advise you of which beneficiary takes a greater portion of your estate and how you can protect beneficiaries who are still minors and lack the legal right to control their inheritance. Have a peek at http://www.lawbh.com/use-ab-trust-minimize-estate-tax-obligations/, if you need to know more about probate lawyers.
One way of determining which of your non-investment properties goes to which heir is to ask your children and your spouse which heirloom or valuable collection they expect to get as part of their inheritance.
The Difference Between a Living Will and a Living Trust
Specifically, a living will mostly applies to situations when the individual has lost the ability to make decisions regarding his or her medical treatment and whether he or she wants to continue it. For example, a cancer patient who has fallen into a vegetative state may need a living will to state that he or she doesn't want a spouse or any family member to extend his or her life when the chances of survival seems unfavourably slim.
This document may also assign a family member to make critical decisions regarding the person's medical and physical therapy options. Mostly, a last will differs in function and form from a living trust, which aims to protect a portion of the individual's estate for the benefit of someone who doesn't have the capacity to manage it.