Create a Well-Drafted Legal Document with an Estate Planning Lawyer

Wills and trusts are important legal documents that are used to decide how your assets will be distributed upon your death. Since 2002, Paul has been crafting wills and trusts that best cater to his client’s specific needs. It is important to understand the difference between a will and a trust and to know your options in the matter. Solid legal counsel is is of the utmost importance and much deserved when you desire a well-drafted, solid legal document that will ensure your family and your estates protection.

Last Will and Testament

A will, also known as a last will and testament, is a written set of instructions that specify how you want your assets distributed upon your death. You are given the option to alter or withdraw your will at any time you see fit. The will becomes effective only upon your death at which point your estate will then enter the court-ordered process of probate. If you wish to leave money to a non-family member or charity, then you will need a will.

Your will may include the following:

• The name of an executor in charge of handling your affairs once you pass away;
• The name of a guardian in charge of taking care of your minor children; and
• Specific instructions stating how, to whom, and when you want your estate to be distributed.

Living Trust

A trust, also known as a living trust, revocable living trust or inter vivos trust, is a document created to specify how you wish your assets to be distributed upon your death. It becomes effective at the date of its creation with an estate planning attorney at hand. It is important to note that you must transfer your assets into the trust in order for them to be included on and protected by the document. If they are not transferred over, your assets will fall under the terms of your will. The benefits of creating a trust include:

• Privacy: A will gets filed within the court system and is available for anyone to view. A trust on the other hand, does not have to be filed with the court and the distribution of your assets from the trust will remain private. This means your beneficiaries can inherit your estate privately with no record for the public to access.
• Avoids Probate: Since the trust technically speaking “owns” your assets, the time-consuming and costly probate process is not necessary. By creating a trust you can save your loved ones the hassle of dealing with probate as well as the substantial costs that are included within the process.
• Quicker Distribution Process: Unlike probate, which can last anywhere from a few months to over a year, trust distribution is quicker and usually occurs within 60 days of the death of the decedent.
• Minimizes Estate Taxes: By creating a living trust with an estate planning attorney in the greater Nashville area, you can take advantage of the maximum tax savings allowed under the law.

PROTECT YOUR FAMILY. CONTACT THE LAW OFFICE OF PAUL R. KRAFT TO BEGIN TODAY.

If a will or trust is not created before you pass away, it will become the responsibility of the court to manage your affairs. Your family will then be left with the burden of probate because a written set of instructions were not left behind. Instead of leaving your family unprotected, act now to create an effective legal document on you and your loved ones behalf. Email us at Paul@KraftLawTn.com or call the office at (615) 468-9150.