Wills & Trusts in Murfreesboro, TN
It's Never Too Early to Begin Planning for Your Future
Creating a valid will or trust is an important step that everyone should take, regardless of their age or the size of their estate. The most common way that people make their wishes known regarding their future is by creating a will. Not only does this ensure that their wishes are carried out after they are gone, but it gives them peace of mind to the individual knowing that their loved ones will be looked after they are gone. Even though wills are relatively simple to create, it is estimated that approximately 70% of people in the U.S. do not have wills. If someone dies without a will, the court may decide how to divide up their estate. Also, the asset distribution process could be much more complicated and could go into probate.
Depending on the extent of the individual's estate, a will could be a simple short document or could be a huge document. Wills do not only specify how real estate, money, possessions, and investments are divided, but also could give instructions regarding the individual's funeral and burial as well as give instructions regarding any dependents they leave behind. In order to create a will, it is necessary that the individual is of sound mind. This simply means that they understand what they are doing and was not coerced in any way to make the team. When the individual making the will (known as the testator) signs their will, there will have to be witnesses present in order to make it valid. In a will, the testator will also have to appoint an executor of the will. This is the person who will be responsible for the administration of the estate.
Types of Trusts Used in Rutherford County
Another option for estate planning is creating a trust. A trust could completely replace a will or could supplement a will. In this process, the owner of the estate is known as a trustor. The trustor signs over ownership of property to a trustee who is in charge of managing the estate until it can be handed over to the beneficiary. The trustee could be managing the assets for a short time or for a number of years, depending on the wishes of the trustor.
When determining whether or not to make a trust, you will need to think through which type of trust best suits your situation. A revocable trust is unique because it can be altered while the trustor is still alive. They could change their mind as to who is the beneficiary or they could revoke the trust altogether. This type of trust is also known as a living trust and is advantageous because it means that the estate will not have to go into probate. Another type of trust is the irrevocable trust. Once an irrevocable trust has been made, it cannot be altered in any way.
If you have more questions about wills and trusts and what is best in your case, you should contact my team at the LaRoche Law Office. I have years of experience in handling probate cases and understand how to best help my clients with estate planning. As we are a small firm, you will get the one-on-one attention you deserve and be able to know that your case will not get handed off to someone else. Please, do not hesitate to get in touch with my team to learn more about how we could help you. We proudly serve clients throughout Murfreesboro and the Greater Rutherford County area.