Wills

Without a will or 1 hour advance loans trust, upon your death, your assets are disposed of according to state law. State law, called the law of intestacy, may or may not match what your desires were as to whom should get the property or how the property should be handled.

Even if current law does match your wishes for distribution of your estate, intestacy law at the time of your death may have changed.

Unless you want to constantly keep up with changes in the law, it is wise to have a will or trust.

Will and trust provisions are usually accepted as written, and are generally not affected by changes in the law. However, there are some restrictions on what will and trust provisions will be accepted.

For example, a spouse cannot be totally disinherited unless specific steps are taken, such as agreements entered into during lifetime where the spouse agrees to total disinheritance. Without a will or trust, you have no opportunity to personally select guardians for minor children, to name the person who should manage the 100 day loans good beneficiaries’ assets until they are distributed at a particular age, or to select the person who should handle the details of distributing the estate.

Without estate planning, these important decisions are left to be made by a judge who can only apply statute and attempt to determine what would be reasonable under the circumstances.

Most people would prefer to set their own standards and plan for distribution and management of assets. If no special provisions are made, beneficiaries receive their share of the estate immediately upon reaching the age of majority. Through trust provisions, parents can give directions and restrictions on how and when assets should be distributed.

Clearly written wills and trusts can minimize the cost of administering and estate. If a will is used and probate is required, the will tells the probate court what your wishes were so the court can more quickly and inexpensively approve procedures to carry out those wishes. A trust can be used to totally avoid the probate process, allowing for transfer of assets to beneficiaries with no court interventions.