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When you plan your estate, you execute certain legally binding documents. In this blog post, we will look at some of the documents that could be included in a well constructed estate plan. Last Wills Most people have heard of the legal document called a last will or last will and testament. It would be possible to use a last will to state your wishes regarding the distribution of your financial resources after your passing. While a will can be a decent choice for some people, other options exist. Under many circumstances, a trust of some kind would be a better option. Living Trusts Even if you are not wealthy, you may want to use a living trust as an alternative to a last will. A will must be admitted to probate, and the estate must be probated before the heirs can receive their inheritances. When assets have been conveyed into a living trust, they could be distributed to the beneficiaries outside of probate. As a result, the inheritors could receive distributions in a more timely man
There are a lot of different forms that you can download off the Internet these days. In some cases, the DIY approach can be perfectly useful. However, when it comes to estate planning documents, you may want to take pause. Indeed, there are websites on the Internet that sell legal documents, and their offerings extend into the realm of estate planning. Their marketing material would have you believe that it is easy to create your own estate planning documents. In fairness, a document is just that, a document. It is perfectly legal for you to create your own estate planning documents using boilerplate templates that you purchase on the Internet. However, are you sure that you know what document or documents you should utilize given your family situation? For example, you may assume that you should use a last will to facilitate postmortem asset transfers. This can work for some people, but for others, it would not be the best choice. If you are looking for asset protection, a last will