Why So Many Avoid Preparing Their Wills Many lawyers do not prepare wills and trusts... more
Why So Many Avoid Preparing Their Wills Many lawyers do not prepare wills and trusts for lower- to middle-class clients because of the detailed effort required without the financial rewards. Because of the high fees, the recession and the general desire to avoid the topic of death, more than half of the people in our country are without any estate planning. Those who can't afford to pay thous... view profile
A trust is an arrangement whereby someone owns and manages money or property for another person's benefit. Like a guardianship, a trustee has decision-making authority over the trust property, but no court is involved in the trustee's action–the person who creates the trust defines the scope of the trustee's power. There are many different trust types, including probate trusts, income trusts, spendthrift trusts, and educational trusts. For example, a living trust allows you to manage your property while you are alive and to direct who will manage it if you become incapable of doing so. In essence, you choose your own “guardian” in advance and avoid having the court do it for you. A trust attorney reviews the many reasons for establishing a trust with you, and can ensure your trust will be legally valid.