The match of the types of agreements to their descriptions has been shown thus:
Will - Provides for beneficiaries in the event of death
Living will - Has no legal power after a person dies.
Trust - Holds a deceased person's assets on behalf of beneficiary.
Prenuptial agreement - Provides protection for individual estate plans and keeps family property in the family.
What are Agreements?
Agreements are legally binding consensus that parties reach given different scenarios and situations.
- They are done with the belief that the law will enforce them even if either of the parties are no longer living at the agreed date.
- For instance, a landowner might desire that a relative inherits his properties in the event of death. A will makes this legally binding even in the event of death.
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