As Nelspruit attorneys we don’t mean to sound morbid, but for many of us death is an eventuality that we are not yet prepared to deal with.
We all need to plan for the unexpected events that tomorrow might bring. None of us know what is hiding behind the next bend in life, and being without a will could result in your family suffering with more than just the immense grief of your passing. While leaving our material wealth behind is something that none of us can avoid, we do have a say over what must happen to the possessions and wealth that we have accumulated during our lifetime. Nelspruit attorneys can help you get your will and/or trust in order.
What is a will?
A term that you might well be familiar with, a will is a legal document that bears the name of the person who you have selected to manage your estate after your death as well as your final wishes.
The term will and the term testament has been used interchangeably in the past. A will states who will inherit your wealth and property after your passing, with the person you have selected to manage your final affairs making sure that those who have been selected to inherit your property or acquire the wealth get it.
Know the difference between a will and a trust
A will and a trust are to different documents that can work together perfectly to give you a complete estate plan to ensure that what you leave behind after death is taken care of, or distributed, in the way that you want it to be.
These are the differences between a will and a trust that you need to know:
1. A will is designed to come into effect only once you have passed on while a trust will come into effect the moment the papers have been signed. The will has a legal representative who will distribute your property shortly after your passing while your trust can be used to start dividing up your property at any time after it has come into effect.
2. A will is only going to have an effect over the property that is in your name at the time of your death, which means that the property that you have joint ownership over is not going to be affected by your will. The trust will handle the property that you have had joint ownership over. The trust will only have control over that property that has been transferred into the trust.
3. A will needs to pass through the court administration before your final wishes can be honoured. This is done to ensure that the will is valid and that the contents of the will get divided correctly. Your trust will not need to go through probate (through the courts) so it can be taken care of quickly and money can be saved.
Your will can become a part of the public record which means that anyone can have a look at it. A trust will remain private.
Nelspruit attorneys will know which final legal document will work best for you and you should consider consulting with an attorney so that you have all of your affairs in order. By getting your will, or trust, organised there will be less to stress about in your later years.
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