Posted by Lacey
In the state of Wyoming if you are over the age of nineteen and of sound mind the law allows you to make a Will and Living Trust. You may prepare a handwritten Will in your own handwriting or have it typed. This must be witnessed by at least two other people. When you die your Will goes through the probate process which protects the rights of creditors and beneficiaries and ensures the orderly and timely transfer of assets. This process which transfers your property along with distributing your assets and paying off debts may take up to a year to complete and tends to be costly.
That is why many people are writing a Living Trust or also known as a Revocable Living Trust document. This document quickly passes on your property at the time of your death. The revocable living trust avoids the probate process because you have already designated your assets and stated how you plan to transfer them when you die. The document makes arrangements for a trustee, for example you, to manage property and your assets while you are still alive. With a Living Trust you pass on your assets to your spouse or children or other heirs in entirety. You simply create the trust by preparing a trust instrument on forms that identify your assets you want to transfer to the trust. You then name a beneficiary of your trust such as your spouse, children or other heirs.
Don’t confuse a Living Will with either a Will or Living Trust. A Living Will is a written statement to your family and physicians of your choices about the use of particular life sustaining medical treatment but it is not valid if you are pregnant. This document requires signatures from two witnesses. You may also choose a Durable power of attorney for healthcare and this document requires two witnesses and a notary.
No matter how large or small your estate is, it is important for you to have a Will or a Living Trust. There are many on line services available for downloading Wills and Living Trust forms, however if you have a complicated or complex estate we suggest you contact an attorney.
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