The death of a head of the family or sudden demise of a company owner leaves nothing but sorrow and grief to the bereaved family. It’s something no one can ever escape or elude regardless of who you are and what you do for a living. A reality that bites even very young people who still have a lot of dreams to fulfill in life. Death does not tell you when, where or how it strikes. In this case, you have a lot of reasons to consider or prepare on what legacy, assurance or guarantee will you leave behind for your spouse and the kids.
This is the very reason why Burnstrust is here for you every step of the way in order not to create grudges, bickerings and family feud over matters of who’s going to have this or that. We would honestly recommend that any last will or testament and assignments of trust funds be done when the executor is still willing and able to speak, read, and write with the presence of a legal counselor, in this case, a wills and trust attorney. Executing these delicate matters during an executor’s final hours will solely depend on verbal significance rather than a documentary proof or evidence.
What you should know about forced heirship
Forced heirship is a form of testate partible inheritance whereby the estate of a deceased is separated into an indefeasible portion, the forced estate, passing to the deceased’s next-of-kin, and a discretionary part, or free estate, to be freely disposed of by will.
Affidavit of Heirship
Use the Affidavit of Heirship document if a family member or spouse has passed away with no will or instructions on how to disburse their estate, and you wish to make it known that you are the lawful heir of a deceased person. You want to gain ownership of a loved one’s estate without having to go to probate court.
Last will and testament
A will or testament is a legal document by which a person, the testator, expresses their wishes as to how their property is to be distributed at death, and names one or more persons, the executor, to manage the estate until its final distribution.
What is a revocable living trust?
A revocable living trust is a written agreement designating someone to be responsible for managing your property; It’s called a living trust because it’s established while you’re alive. It’s “revocable” because, as long as you’re mentally competent, you can change or dissolve the trust at any time at your own discretion for any reason. Typically, a living trust becomes irrevocable (cannot be replaced) when you die.
A trust involves three parties: you as the creator, the trustee or trustees who agree to manage your assets as directed by the terms of the trust, and the beneficiaries.
You will probably want to name yourself and your spouse as trustees because you want full control of the property while you’re alive. As trustee, you will have the power to wheel and deal with your assets—sell them, exchange them, invest them, do whatever you want with them.