The following is
my answer to a Quora question: “What is the procedure to
set up a will or trust? Do I have to pay
a lawyer for that?”
This depends on your estate, your wealth,
and whether your assets are in complicated ownership structures already. With regards the last point, this includes
property and assets held jointly, or across multiple territories. If any of this is the case, you need a lawyer,
and perhaps, a financial advisor and accountant.
Writing a will is itself relatively simple.
You state how your estate is disposed
of, after your death, the beneficiaries, and their proportions. You assign an executor, and an alternative. You sign it, in the presence of one witness or
two, depending on the legal requirement. The witnesses sign it, affirming that you are
of sound mind, and under no coercion. A
copy of the will is then filed with a registrar of wills.
Setting up a trust is similar to setting
up a company. You appoint your trustees;
you name your beneficiaries and the terms of disbursement. You decide whether this is a revocable or
irrevocable trust, and whether it is a living or testamentary trust. Managing the trust, however, requires legal
and financial advise.
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