Wills And Trusts (Speedy Study Guides)

Wills And Trusts (Speedy Study Guides)
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Wills and Trusts are legal documents which express a person's intent as to the disposition of their estate. The will or trust could become effective while the person is either alive or deceased. The commonality in both documents is that a third party is designated to manage the property or assets of the individual creating the will or trust. A chart would be helpful to explain the benefits between the two documents and under what circumstances would an individual prefer one document over the other.

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Speedy Publishing. Wills And Trusts (Speedy Study Guides)

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-Suitable for an individual making a Will, this type of Will includes:

-Appointment of Executors

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Trust Wills

A trust is an arrangement whereby assets are handed over to a number of individuals to hold and invest on behalf of someone else. This can be an immediate post death interest Will (the beneficiaries are specified now, for example – I give my Estate to A for her life and then to B) or discretionary trust Will (wide discretion is given to the trustees to benefit those individuals who most need it, for example – I give my Estate to my trustees with wide discretion to benefit any of the following: my children, my grandchildren, my nieces and nephews etc.).

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