Private Trusts and Wills: Safeguarding Assets
It is in this context that private trusts and wills are seen to be two of the most basic building blocks in this complex world of estate planning for the management and distribution of one's assets. These legal tools not only protect an individual's desires beyond death but also give the creator several benefits, ranging from tax benefits to matters of privacy and protection of assets. What is a Will? A will is a legal, primary document that explains how a given person wants his or her assets to be dispersed upon his or her death. Key Elements of a Will: Appointment of an Executor: An executor is the personal representative who, in responsibility, should administer the estate, settle all the debts payable, and then distribute the remaining assets to the beneficiaries mentioned in the will. Beneficiaries: Beneficiaries are the person or entity that receives the incoming assets from the estate. Beneficiaries can surely be family, friends, or charitable bodies. Guar