Work in company in the Last Will and Testament

Aug 6th, 2022
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How to work in company in the Last Will and Testament

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hey there so in this video were gonna talk about where you should store your last will and testament Im Paul Rabelais Im an estate planning attorney asked quite a bit Paul where should we keep our last will and testament and its an important question because when somebody passes away people need to have access to the will the you know the right people need to have access because it needs to be we know one of the first things that happens it gets filed and the succession or probate proceeding to start the succession perhaps get the executor confirmed by a judge and then ultimately at the end have a judge order the disposition of the assets to the heirs that are named in the will so its really critical that the original can be located easily after somebody passes away a lot of different options there on where to keep it lets talk through a few of them first one as some people say well you know we did a will forty years ago I guess it was filed at the courthouse you know at least he

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a will in California: A living trust, unlike a will, can keep your assets out of probate proceedings. A trustor names a trustee to manage the assets of the trust indefinitely. Wills name an executor to manage the assets of the probate estate only until probate closes.
It is easy to remember the difference by thinking of the words living and last. A living will takes effect when you are still living and gives health care providers instructions for treating you while you are alive. A last will and testament describes your final wishes for your property and your minor children.
What are the four basic types of wills? Simple will. A simple willsometimes known as basicis the type most people associate with the word will. With a simple will, you can decide who will receive your assets and name a guardian for any minor children. Testamentary trust will. Joint will. Living will.
Key Takeaways. An executor is the person who administers a persons estate upon their death. An executor is often named by the testator before their death, or else by a court. The primary duty is to carry out the wishes of the deceased person based on instructions spelled out in their will or trust documents.
A living trust may be better than a will if: You want to maintain privacy over your property or assets. You have several real estate properties. You have docHub financial assets.
Trusts bypass probate and are less likely to be successfully challenged, which gives your finances and beneficiaries privacy. Wills take effect after your death, so they do not protect your assets if you become incapacitated. Trusts can protect your assets if you are incapacitated while still alive.
The Bottom Line A last will and testament is a fundamental legal document in an individuals estate plan. It lays out a persons final wishes pertaining to their assets. It provides specific instructions about how to distribute their possessions.
Trusts are frequently used in estate planning. Living trusts created in the grantors lifetime facilitate the transfer of assets to heirs without the cost and publicity of probate. Transfers by a trust can usually be quicker and more efficient than transfers by will.

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