What Are Wills & Trusts?

Wills & trusts are legal documents that state the wishes of a deceased person as to the disposition of his or her property and who will manage the estate for another party. It is vital to have valid wills & trusts to properly distribute your assets after you have died.

Wills

There are certain guidelines for wills & trusts if they are to be legally binding documents:

• The testator must clearly identify himself as the creator of the will, and that a will is being made.
• The testator must declare that he revokes any previous wills and codicils.
• The testator must demonstrate that he has the capability to dispose of any property, and does so without any duress.
• The testator must sign and date the will, in the presence of at least two witnesses who are not beneficiaries.
• The testator's signature must be placed at the end of the will.
• Any heirs must be clearly stated in the text.

Trusts

A trust is an arrangement where property is managed by a person or organization for the benefit of another. A trust is created by a settlor, who entrusts his property to others, trustees. The trustees hold legal title to the trust property, but are legally obligated to hold that property for the benefit of another, the beneficiary. The trustees owe a fiduciary duty to the beneficiaries, who are the "beneficial" owners of the trust property. The trust is governed by the terms of the document and is governed by local law. The trustee is obliged to administer the trust in accordance with both the terms of the trust document and the governing law.

It is very important to have current wills & trusts to protect both your property and to take care of your heirs.

If you are writing your wills & trusts, please call The Law Offices of Fitzpatrick & Harrop for professional assistance. In Chicago, call 312-553-2200; in LaSalle or Grundy County, contact us at 815-942-0071.