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Trusts may be set up for a number of reasons, for example:
A Trust is a legal arrangement where one or more 'Trustees' are made legally responsible for holding assets. The assets - such as land, money, buildings, shares or even antiques - are placed in Trust for the benefit of one or more 'Beneficiaries'. A Deed of Trust is also known as a Declaration of Trust.
A will is a legal document that determines what happens to the distribution of your property, assets and any minor children you may have in the event you should die. A will gives you the sole discretion over the outcome of your assets, belongings and who should inherit family heirlooms and increases the chances of your wishes being accepted. A will should be set out in writing, and signed by you and your witnesses. It is important to consult with a professional, such as Affinity Legacy to ensure your will meets the high standards required to ensure the instructions are carried out when the time comes.
To ensure your last wishes are carried out, you should get a will that is written and overseen by a profressional body, such as Affinity Legacy. There is no guarantee once you have passed away that your final wishes are carried out, any property, money or assets you own may not automatically get passed down to your children or loved ones, they could end up back with the government, leaving your loved ones with nothing. Putting a formal and legal will in place will give you the peace of mind that your family heirlooms and possessions are passed on to who you wish them to.