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Why Do Wills Need to Be Recorded?

February 14, 2018

 

You may not need to necessarily record a trust although an important component of your trust strategy is to fund it after you have put it together. Far too many people stop after the establishment of a trust and fail to follow through with the funding. There are many different estate planning concepts included in the answer to the question about why a will needs to be recorded or filed. When you leave a will, you leave a clear set of instructions that help to determine how your property is distributed to your heirs after you pass away. estate plan and legacy

Someone must have the authority to transfer this property and this authority is granted by a court after the will is appropriately filed. The process of presenting the official will triggers the beginning of the probate process. A trust, however, is an entity that is generated when a trustee and a settlor enter into a trust agreement. A person who does not control the trust may have more challenges than a person who establishes themselves as a key player in the trust. Although you can’t touch or see a trust as you would a printed will, this is a legally recognizable entity that contains some distribution instructions after you pass away.

However, the court does not have the authority to grant the settlor’s final instructions included in a trust. This is a major departure from a will. Since the trust can survive the settlor and the trustee is granted the authority in such an agreement under state law, no court involvement may be required. Schedule a consultation today with an experienced estate planning attorney to learn more about your options with regard to estate planning.


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Recent Posts
Do You Owe The AMT?

American educational reformer Horace Mann called education “the great equalizer.” In football, it’s been said ...

See more
What is the Value of Your Business?

In the second quarter of 2023, more than 2,300 small businesses were sold. The median ...

See more
Immediate vs. Deferred Annuities

Despite not being as well known as some other retirement tools, annuities account for 6.5% ...

See more