There are three things we all should think about making, a Will, a Trust and a Lasting Power of Attorney.
We don’t have to make any of these, it’s our choice. If we choose not to them it can become
Making a will lets you choose what you would like to happen to your assets
If someone cannot make a regular will, because they lack sufficient mental capacity or they choose not to and lose mental capacity a statutory will can be created for them. These are more complex than drafting a regular will and involve the court confirming that the drafted will meets that persons needs.
Craybeck Law will draft a Statutory will if needed.
Trust created by declaration of trust, known as a trust deed. The trustees to hold the property or assets on behalf of somebody else, this is the beneficiary. When the trust comes to an end at a specified time, the beneficiaries are paid the money from the trust.
Making a trust allows you to manage money and assets for your family, friends and for inheritance tax purposes.