3 out of 4 stars
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In Do I Need a Will or a Trust? Taylor Phillip Willingham discusses how an individual can transfer property from one generation to another while alive or upon demise. According to Willingham, in the United States, such transfers have to be done in accordance with the stipulated state laws. The author notes that both will and a trust are great tools that one can use to pass on wealth to a person’s choice of beneficiary. The author draws some critical distinctions between the two and argues that while a will is good, a trust is a much better instrument for effective transfer of property owing to its numerous advantages over a will.
The writer is an experienced probate attorney who works mostly in Texas, United States. He notes that a lot of property owners often do not see the need why they should have a either a will or a living trust; or even both. People often give excuses such as the costs involved, the effort and time required as well as the complication that come with creating the legal documents. When it comes to estate planning, Willingham recommends that one needs a trust as it is the most suitable in many different situations such as in blended families, safeguarding minors and staying safe from creditors.
I was intrigued by the author’s claim that lawyers, just like medics, make things confusing with the aim of charging their clients a lot of money. To this extent, the author outlines some terms that sound archaic with their modern translations. Further, Willingham breaks down into simple terms some of the wordy phrases that lawyers use in trusts. Undoubtedly, the sections are enlightening to anyone in possession of a trust or will or intends to create one.
I liked the fact that the book is well structured and flows well from one section to another. Further, the author uses various graphics/diagrams accompanied by appropriate textual explanation to get his point across, making the book much understandable. Also, the author has interspersed the book with stories of some of the clients that he has served in his professional practice. Such stories and the use of direct quotes makes readers relate with whatever the author is discussing much easily.
However, I did not like the memes used in the book; I feel like they did nothing much to enhance the book. Furthermore, the author used some profane words which I believe are not so appropriate for such a topic that he seeks to explore in the book. In spite of the two issues, the book is well-edited, and for me, I would gladly give it a rating of 3 out of 4 stars. The book is well-suited for anyone who has property, but it would be most appropriate for persons above the age of eighteen who are keen on passing on their wealth to other people.
Do I Need a Will or a Trust
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