Wills and Trusts
A Will is the legal document that allows you to distribute your property to those you choose. The document allows you to designate heirs/heiresses to receive specific items from your estate, and other beneficiaries to receive everything else. A Will also gives parents of minor children the opportunity to nominate a guardian. Although the court makes the ultimate judgment, the nomination stated in the will is usually accepted.
A trust is a place where you place your assets "stored" before they are released to the individuals or organizations that you've delegated to ultimately collect them. A trust is a legal entity and so are you, and because you and the trust are separate legal entities, anything you transfer from your possession to the trust becomes property of the trust. The trust then holds the property for your benefit, or for the benefit of those whom you designate.
A trust consists of four components:
The Grantor: This person creates the trust.
The Beneficiaries: The person you have delegated to receive the benefits of the trust. The grantor can also be a beneficiary.
The Assets: The properties in that are transferred to the trust.
The Trustee: The person or entity that manages the trusts' assets, the trustee also distributes the property according to terms established by the grantor. The grantor can also be the trustee, while he/she is alive.
Let Daniel | Williams assist you in delegating the person or organization responsible for managing your will and/or trust. Our attorney's are licensed to practice in Texas and Louisiana, and can be reached toll free at (877) 229-9997 or locally at (713) 229-9997.