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Wills and Trusts

Wills and Trusts
When a person makes a will, he specifies what happens to his possessions and assets when he dies. A trust provides an entity for owning and managing assets. It is created when a trust maker transfers part of his assets to another person or corporation called trustee, which controls the assets. The trustee also helps in managing and distributing assets to beneficiaries.

There are five types of trusts. Discretionary trust is the most common form of trust. In this trust, any investment or distribution of funds is at the sole discretion of the trustees. They also provide investment of the trust funds and its distributions to beneficiaries. The trustor generally provides trustees with a letter of wishes. It informs trustees the manner in which he wishes the trust assets were to be dealt during his lifetime and after his death. The trustor could also amend this letter at any time in future.

A protective trust is one where the beneficiary has a life interest. It may become a discretionary trust if certain events like bankruptcy of the beneficiary take place.

Fixed interest trust defines the interest that each beneficiary can have and trustees may not vary these constraints. An accumulation and maintenance trust is a gift of assets usually where beneficiaries are the testator’s children. The right to participate in accumulated income from the trust depends upon beneficiary attaining a certain age. Purpose trust does not have beneficiaries and is established to achieve a specific purpose.

A trust can be intervivos or testamentary. The former implies that the trust is made during one’s lifetime while the latter is prepared after death. A trust may also be revocable or irrevocable. If it is revocable, the trustor reserves the right to modify or even cancel the trust. He could even remove or substitute property as long as he is alive. An irrevocable trust means it cannot be changed once established. In addition, the trustor, who is bound by the terms of his trust, cannot recover property assigned to the trust.

Wills provides detailed information on Free Wills, How to Write a Will, Last Will And Testament, Living Wills and more. Wills is affiliated with Living Will Forms.

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Here is a copy of the format for a LIVING WILL (MALE)

I, __________(1)_____________, of ___________(2)____________, being of sound mind, do hereby willfully and voluntarily make known my desire that my life not be prolonged under any of the following conditions, and do hereby further declare:

1. If I should, at any time, have an incurable condition caused by any disease or illness, or by any accident or injury, and be determined by any two or more physicians to be in a terminal
condition whereby the use of "heroic measures" or the application of life-sustaining procedures would only serve to delay the moment of my death, and where my attending physician has determined that my death is imminent whether or not such "heroic measures" or life-sustaining measures are employed, I direct that such measures and procedures be withheld or withdrawn and that I be permitted to die naturally.

2. In the event of my inability to give directions regarding the application of life-sustaining procedures or the use of "heroic measures", it is my intention that this directive shall be honored by my family and physicians as my final expression of my right to refuse medical and surgical treatment, and my acceptance of the consequences of such refusal.

3. I am mentally, emotionally and legally competent to make this directive and I fully understand its import.

4. I reserve the right to revoke this directive at any time.

5. This directive shall remain in force until revoked.

IN WITNESS WHEREOF, I have hereto set my hand and seal this _(3)_ day of _______(4)_______, 19_(5)_.

______________(6)______________ Declaration of Witnesses

The declarant is personally known to me and I believe him to be of sound mind and emotionally and legally competent to make the herein contined Directive to Physicians. I am not related to the declarant by blood or marriage, nor would I be entitled to any portion of the declarant's estate upon his decease, nor am I an attending physician of the declarant, nor an employee of the attending physician, nor an employee of a health care facility in which the declarant is a patient, nor a patient in a health care facility in which the declarant is a patient, nor am I a person who has any claim against any portion of the estate of the declarant upon his death.

____________(7)_________________ _____________(8)_______________

____________(9)_________________ _____________(10)______________

___________(11)_________________ _____________(12)______________


NOTICE

The information in this document is designed to provide an outline that you can follow when formulating business or personal plans. Due to the variances of many local, city, county and state laws, we recommend that you seek professional legal counseling before entering into any contract or agreement.