03 April 2025
Do I Need An Attorney For My Will Or Trust?
Death can be a scary topic to discuss and consider, especially when it comes to thinking about how you can leave an impact on your loved ones after passing. Having a clear will and/or trust is a sure way to continue providing for your family and loved ones even after you are not physically with them. However, making that clear will or trust can be daunting, especially when you try to do it without the help of an experienced lawyer.
Wills are expansive documents that help determine what will happen to your assets after death. A will allows you to pass along resources to your family and loved ones based on your wishes as the testator. There are a number of issues settled in a will, including business interests, grants of personal and real property, financial interests, and guardianships for minors.
To set up a will on your own, there are a multitude of details to consider and legal requirements to understand. There are varied state laws that can impact the way in which wills are handled depending on where you reside. If you do not understand your state’s legal requirements, you risk creating an illegitimate will that could prevent your assets from being passed down the way you would like.
In addition to following legal requirements, it is crucial that all assets (property, bank accounts, investments, etc.) need to be addressed in your will or you risk losing control of that asset after death. The will must include title, declaration, bequests, residuary clause, and executor designation sections.
When the will is complete, a witness is required to legally sign the document. Overall, the process of writing and approving a will can take a long time and even after it is approved, the document needs to be safely stored and reviewed regularly.
Trusts are another way to continue supporting your loved ones even after death. Unlike wills that become public records, a trust is private. Trusts can also help manage assets during your lifetime, not just after death. While it is possible to set up a trust without an attorney, it can prove challenging as there are a number of legal requirements that need to be followed and a tedious paperwork process. When creating a trust it is important to consider whether you want to make a revocable or irrevocable trust.
Again, you need to be aware of the state laws that impact whether or not an individual is eligible to create a trust. Since trusts impact you and your loved ones taxes, there are a number of legal regulations that need to be followed to create a legitimate trust. Just like with a will, all assets need to be considered when writing a trust.
A trustee needs to be appointed with their power clearly defined in order to ensure the trust is reliably managed. Ultimately a trust document should include a title, declaration, trustee powers, beneficiaries, and revocation clause sections.
In addition to having witnesses to sign the trust, the trust needs to be properly funded with a legal transfer of your asset ownership.
Setting up a will or trust can lead to tension and frustration as both processes involve tedious paperwork, tough asset-based decisions, and complex legal rules. An attorney well aware of will and trust creations/management will be a great resource for easing this process.
Attorneys have the legal expertise and experience to streamline the process of creating a will or trust. You can have peace of mind knowing that your trusted attorney is up-to-date on the legal requirements for your will or trust, reducing the risk of complicating the creation process. Additionally, working with experienced lawyers helps you get the tailored assistance you deserve to effectively ensure your loved ones are cared for in and post-life.
If you or a loved one are considering your will and/or trust, we advise seeking our San Antonio wills and trusts lawyers.
Our team of experienced lawyers are ready to help you at Begum Peláez-Prada PLLC. Contact us today.
