Dana Law Firm > Practice Areas > Wills & Trusts
Wills & Trusts
The first tool you will need
in your estate plan is a will (the actual name
is a "Last Will and Testament").
A will is a formal legal document stating how
you want your estate distributed. It is submitted
to the court after you die. A basic will contains
the following information: The person's name,
city, and state in which they live, appointment
of the Personal Representative (executor),
appointment of the guardian for minor children,
statement of specific transfers (bequests),
statement of who gets the balance of the estate,
instructions for the executor to follow and
powers granted, description of controls you
want over bequests to minors, a place for the
testator to sign and date the will, a declaration
that two witnesses sign stating that they witnessed
the signing and that the testator was of sound
mind. A notary public signs this section as
well.
A Trust is a separate legal entity that controls
the assets you place into it. You are known
as the Trustor of the trust, since you were
the one who created it. The Trustor decides
who gets income and/or principal payouts from
the trust. The people receiving the payouts
are known as Beneficiaries. The person who
administers the trust is the Trustee. The rules
that you dictate the trust to follow (how long
the trust should last, who gets what, and other
rules the trustee has to follow) are known
as the Trust Terms. The document that defines
the trust is known as the Trust Agreement.
Trusts can be powerful tools when used properly.
Our firm can assist you in defining your estate
planning objectives, and creating the necessary
legal documents to effectuate those objectives.
