WILLS, PROBATE AND TRUSTS
Need to write a Will? Look no further, you’ll be in good hands at AD’REME SOLICITORS
Benjamin Franklin once said that “In this life nothing can be said to be certain except death and taxes” Any discussion on wills, probate and trusts necessarily involves death and taxes.
Why make a Will? It is important for the person making the Will, his family and loved ones. It is a person’s chance to express his final wishes in a legal document in order to ensure his estate passes to beneficiaries of his choice. Through a will a person may choose a guardian to finish raising his/her children. Even if you are a young adult with few assets, you should have a will if you have children. A will can be used to appoint a guardian to care for your children if you die while they are still minor.
If a person dies without having made a will, the person died intestate. In that case, the court will distribute the person’s property and determine the beneficiaries. In intestacy cases, the court may not rule according to the wishes of the deceased, so dying intestate is not good for the deceased’s beneficiaries. Further, without the guidance of a will, the court will name the guardian for the deceased’s minor children, perhaps the deceased’s brother when the deceased would have much preferred his best friend.
In drafting a Will, we at AD’REME SOLICITORS ensure that our legal advice are personalised to fit the individual client’s planning need and outcome. Wills drafting forms the pre-death part of the process
Probate? In addition to Will drafting, we also on behalf of clients deal with the court process by which a Will is proved valid or invalid. This legal process wherein the estate of a decedent is administered is referred to as Probate. Probate or Administration is the post-death stage of the process at which stage someone has died. This can be divided into several parts where the deceased died with a Will which is “Probate” or without a will which is known as “Letters of Administration.” If the deceased dies with a Will then the person dealing with the Estate is called the Executor and if the deceased dies without a Will “intestate” the person dealing with the Estate is known as the Administrator.
Trusts? In general, a trust is a legal relationship, represented by a legal document, in which one person (or qualified trust company), the trustee, holds property for the benefit of another, the beneficiary. There is also another type of trusts called Living Trusts. Living trusts, or inter vivos trusts, are separate from will and are often used in place of a will to avoid probate. Living trusts are not related to wills and can be revocable or irrevocable. Most are revocable, which means that the grantor of the living trust can add or remove assets from the trust whenever he wants, or he can terminate the trust. An irrevocable trust cannot be changed or dissolved once it has been set up. Because the grantor gives up control over the assets in this type of trust, irrevocable trusts are not attractive to most people. They are useful, however, for life insurance planning and for setting aside an education fund for children. Although a revocable living trust does not provide your estate with tax advantages or protect it from your creditors, an irrevocable living trust does. Both kinds of trusts avoid probate
We provide services in the following area of Wills, Probate and Trusts:
• Will drafting without legal Jargons
• Enduring Power of Attorney
• Ward of Court
• Elder Abuse Issues