Frequently Asked Questions

Depending on the size of your estate, it may be helpful to have an attorney assist with drafting. An attorney will be familiar with your state's probate code. Thus, they can draft documents to avoid probate/make you more aware of the process. Additionally, an attorney has the expertise and knowledge to interpret documents for better understanding and help eliminate the confusion. Finally, an attorney will follow the rules of your specific jurisdiction to safeguard the your last will and testament has a legal effect. This is important for will contest purposes. 

Starting a trust requires a few moving parts, but it is simple. The three moving parts are the grantor, the trustee and the beneficiary. 

The grantor is the creator of the trust. The individual/entity that supplies the trust with property. The property's ownership will transfer from the grantor into the trust to be held in legal title by the trustee. 

The trustee is the manager of the trust. This individual/entity will manage/administer and be charged with dispensing the trust's assets to the beneficiary(ies). The trustee has a fiduciary duty to the beneficiary. It is common for the grantor and trustee to be the same person. 

Finally, the beneficiary is the individual/entity designated by the grantor to receive some or part of the trust property. The beneficiary is the same idea as a beneficiary receiving assets from an individual's estate based on a will. 

You never need a reason to write a will because estate planning is life planning. However, these life events should encourage drafting new documents or revisiting those documents. 

1. Birth, adoption, or death of a child.
2. Marriage, divorce, or separation of a partner who is named in the will. 
3. Significant changes in tax law. 
4. Moving to a new state.
5. A considerable change in income or wealth of either the testator or the beneficiary. 
6. A change in circumstances, needs, or objectives of the testator or beneficiary.

This list does not cover or include all possible reasons.