What i have learned in relation to the objectives are; what a will, probate, living trust, and insurance is. My understanding of what a will is; a leagal document stating what the deceased persons wishes are and who personal estate will be distributed to. A testator is someone who makes the will describing how devise, legacy, and bequest will be handeled after the person has been deceased. Personal letters to family or close ones may also be included in a will. Making a will is very important, if a will is not made before the passing of a person, problems like family conflict or legal disputes can arise.To make a will the testator must be at least be 18 years of age and in sound mind. Being in sound mind means that the testator is mentally
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This can take from three to nine months. During this time assets are devided and sold as well as debts and taxes being paid. The testator might have docummended somone to be in charge of determining many factors on the will and providing documnts such as deeds but, if one was not doccuments the court will appoint someone to do these tasks.
LIving trust are a little different from wills. A living trust goes into affect as soon as it is created unlike a will that goes into affect af the testator has died. Living trust take less time to sort out than wills that can take up to 3 months due to probate while living wills only take weeks. In living trust there are benificaries that are listed these are the people that sort and divide assets. Most peopel when being educated on living trusts would rater have that than a will just due to the waiting of probate.
What I learned about life insurance is a person can purchas life insurance at eighteen years of age and parents can purchase life insurance for their children.Life insurance is usually brough up when you begine your first job. Insurance policies very on what types are deaths are covered and can be purchased through employeers or insurance agencys.The cost of life insurance is dependent on various things such as age, health, and the type of policy that has been
This can take from three to nine months. During this time assets are devided and sold as well as debts and taxes being paid. The testator might have docummended somone to be in charge of determining many factors on the will and providing documnts such as deeds but, if one was not doccuments the court will appoint someone to do these tasks.
LIving trust are a little different from wills. A living trust goes into affect as soon as it is created unlike a will that goes into affect af the testator has died. Living trust take less time to sort out than wills that can take up to 3 months due to probate while living wills only take weeks. In living trust there are benificaries that are listed these are the people that sort and divide assets. Most peopel when being educated on living trusts would rater have that than a will just due to the waiting of probate.
What I learned about life insurance is a person can purchas life insurance at eighteen years of age and parents can purchase life insurance for their children.Life insurance is usually brough up when you begine your first job. Insurance policies very on what types are deaths are covered and can be purchased through employeers or insurance agencys.The cost of life insurance is dependent on various things such as age, health, and the type of policy that has been