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Will and Living Trust information Packet University of the Nations Gift Planning Services 755851 Quaking Hwy, #433 KailuaKona, Hawaii 967402199 Phone 8083264453 Email: GPS uofnkona.edu TABLE OF CONTENTS

How to fill out will and living trust

How to fill out a will and living trust:

1. Start by gathering important information such as your assets, liabilities, and beneficiaries. Make a list of all your properties, bank accounts, investments, and any debts you may have.
2. Decide who will be the executor of your will and the trustee of your living trust. The executor is responsible for carrying out your wishes as stated in the will, while the trustee manages and distributes the assets in the living trust.
3. Consult with an attorney or use online legal software to draft your will and living trust. These documents should be tailored to your specific needs and comply with the legal requirements of your jurisdiction.
4. Clearly state your intentions in the will, including how you want your assets to be divided among your beneficiaries. Specify any specific bequests or conditions you wish to include.
5. In the living trust, identify the property that will be transferred into the trust and spell out the instructions for managing and distributing the trust assets.
6. Sign your will and living trust in the presence of witnesses, as required by law. Ensure that the documents are properly executed and stored in a safe place.
7. Regularly review and update your will and living trust as your circumstances change. This may include births, deaths, marriages, divorces, or changes in your financial situation.

Who needs a will and living trust?

1. Anyone who wants to have control over the distribution of their assets after their death should consider having a will and living trust. These legal documents allow individuals to express their wishes and determine how their estate will be handled.
2. Parents with minor children should especially consider having a will and living trust as a means to appoint guardians and provide for the financial needs of their children.
3. Individuals with substantial assets or complex financial situations can benefit from a will and living trust to ensure an organized and efficient transfer of their wealth.
4. People who desire to minimize probate costs, maintain privacy, and avoid potential conflicts among their beneficiaries may opt for a living trust as part of their estate planning strategy.
5. Those who want to support specific charitable organizations or causes can utilize a will and living trust to include charitable bequests and leave a lasting impact.

It is important to consult with a qualified attorney or estate planning professional to ensure that you understand the legal requirements and ramifications associated with creating a will and living trust that meet your specific needs.

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What is will and living trust?

A will is a legal document that outlines how a person wants their property and assets to be distributed after their death. A living trust is a legal arrangement that allows a person to transfer their assets to a trustee to manage on behalf of beneficiaries while they are still alive.

Who is required to file will and living trust?

Individuals who want to ensure that their assets are distributed according to their wishes upon their death are required to file a will and living trust.

How to fill out will and living trust?

To fill out a will and living trust, individuals can seek the assistance of an estate planning attorney to ensure their wishes are properly documented and legally binding.

What is the purpose of will and living trust?

The purpose of a will and living trust is to ensure that a person's assets are distributed according to their wishes after their death and to provide for the management of their assets during their lifetime.

What information must be reported on will and living trust?

Information such as the names of beneficiaries, details of assets and properties, and instructions for distribution must be reported on a will and living trust.