Wills & Trusts
Wills and Trusts are legal documents that can protect your assets and provide for your loved ones after your death; but which one, or both are best for you?
WHAT IS A WILL?
A will is a legal document that allows you to determine the distribution of your property and the care of your dependent children upon your death.
WHAT IS A LIVING WILL?
A Living Will has nothing to do with the distribution of your property or care of your dependent children; it legally establishes your wishes for medical care in terms of life support should you be incapacitated.
DO I NEED A WILL?
Absolutely, everyone needs a will. It is the only way that you can control the distribution of your property and provide for the care of your dependent children after your death. In fact you may need two Wills.
WHY WOULD I NEED TWO WILLS?
You should have two Wills if you own a private company or have assets in foreign countries. Consult with C2 Global Law on the benefits of having two Wills.
WHAT HAPPENS IF I DON'T HAVE A WILL?
If you don't have a Will the courts will determine how your property is distributed and who cares for your dependent children.
WHAT IS A TRUST?
A Trust is a legal document that allows you to create a separate legal entity that can protect your property and assets from probate, taxes and public scrutiny. You can establish a Trust while you are alive or upon your death as set forth in your Will. There are different types of Trusts which will determine how much control you have over the property that you place within it. I.e. a trust may be revocable or irrevocable, discretionary or specific.
A Trust consists of four components:
- The grantor, who creates the Trust.
- The beneficiaries who receive the benefits (income and/or principal) of the Trust. The grantor can also be a beneficiary.
- The assets which are the properties transferred to the Trust.
- The trustee who is the person or entity that manages the Trust's assets and distributes the property according to terms established by the grantor. The grantor can also be the trustee, at least while the grantor is alive.
WHAT ARE THE BENEFITS OF A TRUST?
There are many benefits to having a Trust which include but are not limited to:
- Reduce tax liability
- Protect property in your estate
- Avoid probate and legal fees
- Succession planning
The only way to take control of the distribution of your property and the care of your dependent children upon your death is with two very important legal documents — Wills and Trusts. Contact the C2 Global Law Wills and Trust lawyers to discuss the best strategic plan for your needs.