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A Good Read on Wills, Trusts and Estates Dispersion of assets and their management is critical after the owner’s death. One thing to note is that assets could consist of; real estate, stocks, individual property as well as bank accounts. It is vital to note that integration of all these assets real estate, stocks, personal ownership and bank accounts is what make up the estate. A will is a legitimate document that details how individual’s assets will be allocated after one’s demise. The choice of a will helps in the uniform allocation of the individual assets upon his demise. One option that the person who has passed on is to leave his possessions to the spouse, or in some cases may divide the estate uniformly among his kids, or leave specific items to individuals or charities. Creation of a will involves even in the presence of a few assets. One thing to note is that a will ensures that the soles proprietors’ assets are well dispersed according to his wishes. Safeguarding individual assets are one requirement of law. Creation of wills is necessary to most countries. According to law, if there was no creation of a valid will the state may chip in to allocate the assets.
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A will agent ensures that the assets are distributed by the person wishes. Also, officials need to follow the will attentively as per the statements of the owner. Assets distribution is a sensitive and challenging situation and requires an expert to run it smoothly. Disagreement among the family members is as a result of unequal distribution of assets. Also, the representative has extra responsibilities of paying taxes, pay money due to creditors and distribute the property to the deceased. State has the responsibility of taking charge if the family fails to designate the true representative. Justice should prevail in the way representative carry out their work. Variation of the law need not occur in the allocation of individual assets. Creating a trust is also important in the management and control of the property. The whole process of confidence and will creations is similar. Persons creating the trust also participate in the management of the assets even during his lifetime.
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It requires a long process to create a trust. Following this report the owners’ assets are then transferred to the respective persons and beneficiaries. Beneficiaries receives equal share through transfer of individual assets. Wills creation is quite affordable and easier. Persons with small properties need to create a will. It is costly to move the trust document. Will creation creates much tension among most persons.