Wills and trusts
Generally, a trust is a right in property (real or personal), which is held in a fiduciary relationship by one party for the benefit of another. The trustee is the one who holds title to the trust property, and the beneficiary is the person who receives the benefits of the trust.
Many trusts are created as an alternative to or in conjunction with a will and other elements of estate planning.
Estate planning is not merely for the prosperous, it is necessity for anyone who wishes to be taken care of in old age and ensure that loved ones are cared for once you pass.
An estate plan provides the legal mechanism for transferring property upon your death in a manner which recognizes your wishes and the needs of your survivors. For many people it also involves creating a plan which will take care of essential obligations and affairs in case of disability and critical personal medical choices which sometimes must be made towards the end of life. When constructing a will, a person legally defines and declares how their property will be distributed upon their death. A will does not go into effect until the author, known as the testator, dies. Up until their death, the testator can revoke or change their will at any time.
Should you die without a will, it is the responsibility of the state to distribute your property to your heirs according to that state's intestacy laws. In essence where you fail to provide for how your money is handled the government takes control.
The statutes might call for the distribution of your assets and property in a manner that is similar to what you desire. Then again, they might not.
For this reason, even if you do not have many assets, you may be concerned about ensuring that particular items go to specific heirs according to your desires. This is only possible through the creation of a last will and testament.
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