Q&A

Can you include friends in your will?

Can you include friends in your will?

Yes. In most jurisdictions one may put their best friend or any other person they choose in their last will and testament. This could include listing them as a beneficiary to a specific asset or all assets as well as potentially naming them as an executor or personal representative to administer the estate.

How does a trust work in a will?

A Trust is a legal arrangement that allows assets such as property to be looked after for the beneficiaries in your Will. Assets are looked after by a third party, known as the ‘Trustee’, to avoid anything passing to someone you don’t want to inherit. What happens if you die without leaving a Will? There are two types of trust you can use:

What’s the difference between a lifetime trust and a will?

Lifetime trusts are often known as property protection trusts or asset protection trusts. Unlike will trusts, which come into being on your death, lifetime trusts are established straight away. Your home is gifted to the trust, which allows you to carry on living in it.

Can a child take control of a will trust?

There may also be power for the trustees to use income and/or capital of the will trust for the beneficiaries before the desired date or event. If a young child inherits the property in an intestacy, the child is not legally entitled to take control of property, usually until they are 18.

Why do I need to set up a trust?

To protect any inheritance, you could set up a Trust to ensure assets pass directly to your grandchildren on his death, rather than his spouse. Other scenarios include, for example, wanting to protect assets for those who are too young to handle their affairs.

Why do you need a trust and will?

Avoid probate by creating a complete, trust-based estate plan for the protection and transfer of your most important assets. A plan for who will look after your children, what should happen to your assets and how you’d like to be cared for, when you need it. Decide who will look after your kids in case something happens to you.

Can a will be used as a testamentary trust?

Overall, however, there are two categories: living and testamentary. A will can be used to create a testamentary trust . You can also create a trust for the primary purpose of avoiding probate court, called a revocable living trust . Let’s focus on a revocable living trust for estate transfer.

What’s the difference between a will and a trust in Texas?

It doesn’t have to be. Although a typical will package costs $1,000 to $1,200, and a trust can run $2,500, a legal insurance plan like Texas Legal can save Texans hundreds or even thousands on their estate planning costs.

Can a trust and a will be the same person?

Sometimes, the trustee and beneficiary are the same person. In other situations, you can set up the trust to be managed for your beneficiaries by a separate trustee. Another difference between a will and a trust is how much they cost and when the expenses occur.