You may not be planning to die, but it is imperative that you be dying to plan. To exit this world fashionably means to continue controlling the realm of the living by calling the shots from your grave. Robert’s proudest moment was a pro bono opportunity to successfully draft a will and trust combo for an honorable 93-year-old Holocaust survivor back in December 2014.
A trust is a relationship whereby property is held by one party for the benefit of another. A trust is created by a “settlor,” who transfers some or all of his or her property to a trustee. The trustee holds that property for the trust’s beneficiaries. The trustee is given legal title to the trust property, but is obligated to act for the good of the beneficiaries. For a cool example, check out the Getty Trust–the world’s wealthiest art institution!
Trusts are frequently created in wills, defining how money and property will be handled for children or other beneficiaries. A will is created when the declarant of the will, the testator, names one or more persons to manage his or her estate and provides for the distribution of his property at death. For instance, if you are like William Shakespeare, you may opt to leave only your second best bed for your beloved wife.
A will may also contain funeral and burial instructions. It could come useful in avoiding situations such as this:
I’ve had so much plastic surgery, when I die they will donate my body to Tupperware.
– Joan Rivers