*Wills & Living Trusts*

By making a will you can decide what happens to your property and possessions after your death.

A will sets out who is to benefit from your property and possessions (your estate) after your death. Here are some positive reasons to make a will.

you can decide how your assets are shared - if you don't have a will, the law says who gets what
if you're an unmarried couple (whether or not it's a same-sex relationship), you can make sure your partner is provided for
if you're divorced, you can decide whether to leave anything to your former partner

It is possible to write a will by yourself, but our suggestion is to use an attorney, because there are various legal formalities you need to follow to make sure that your will is valid.

Items to consider before you write you will or consult an attorney:

how much money and what property and possessions you have
who you want to benefit from your will
who is going to sort out your estate and carry out your wishes after your death - that is your executor

You should review your will every five years and after any major change in your life - Any change must be by an addition, amendment or supplement, or by making a new will.

Living Trust:

A Living Trust is a written legal document that partially substitutes for a will.

With a living trust, your assets (your home, bank accounts and stocks, for example) are put into the trust, administered for your benefit during your lifetime, and then transferred to your beneficiaries when you die.
Most people name themselves as the trustee in charge of managing their trust's assets. This way, even though your assets have been put into the trust, you can remain in control of your assets during your lifetime.
You can also name a successor trustee (a person or an institution) who will manage the trust's assets if you ever become unable or unwilling to do so yourself.

Your living trust agreement:

Instructs the trustee to manage the trust's assets for your benefit during your lifetime.
Gives the trustee the legal right to manage and control the assets held in your trust.
Names the beneficiaries (persons or charitable organizations) who are to receive your trust's assets when you die.
Gives guidance and certain powers and authority to the trustee to manage and distribute your trust's assets. The trustee is a fiduciary, which means he or she holds a position of trust and confidence and is subject to strict responsibilities and very high standards.

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What can a living trust do for me?

It can help ensure that your assets will be managed according to your wishes-even if you become unable to manage them yourself.

In setting up your living trust, you may serve as its trustee initially or you may choose someone else to do so.

You can name a trustee to take over the trust's management for your benefit if you ever become unable or unwilling to manage it yourself

At your death, the trustee-similar to the executor of a will-would then gather your assets, pay any debts, claims and taxes, and distribute your assets according to your instructions.

Unlike a will, however, this can all be done without court supervision or approval.

Should everyone have a living trust?

Persons who do not have significant assets and have very simple estate plans also do not need a living trust.
Anyone who wants court supervision over the administration of his or her estate should not have a living trust.

How could a living trust be helpful if I become incapacitated?

If you are the trustee of your own living trust and you become incapacitated, your chosen successor trustee would manage the trust's assets for you.