Wills and Trusts
Completing an estate plan is the best way to protect your life’s work and ensure your loved ones are cared for long after you are gone.
Why Plan?
Difficult as it is to consider, eventually each of our lives will end and at that time, our assets will transfer to others. Should you pass away without having an estate plan in place, a judge will apply the default laws of your state to determine who will receive your assets.
Because a judge does not know you, your family or your wishes, the assets you have worked your entire life to acquire could be distributed in ways you would never want, sometimes to distant relatives you don’t even know. An effective estate plan ensures that you have the final say over who receives your assets.
What is an Estate Plan?
An estate plan is a legal document or set of documents that direct how your property should be distributed after your death. The most common estate plans consist of either a Will, a Trust or a Will and Trust in combination.
A Will is a legal document that becomes effective upon your death and directs a Personal Representative of your choosing on how your estate should be distributed. A Trust is a legal document which becomes effective when it is created and funded, whether that is during your lifetime or at your death. Both serve the same purpose – ensuring that your wishes are followed.
Wills vs. Trusts: Which is Better?
Wills and Trusts differ in several key areas, including cost to create, complexity, time required to administer and outcomes available. In general, Wills cost less to create, are less complex than Trusts, require less time to administer after death and reflect a simple outcome – transferring assets to loved ones. Trusts on the other hand are more costly, more complex, require additional time and effort to administer, but they can be customized to achieve almost any desired outcome.
Whether a Will or a Trust is better for you will depend on several factors, such as the assets you own, the beneficiaries you identify and your long term outcomes. Every estate plan is as unique as the individual it serves. Reach out today to one of our experienced estate planning attorneys for a free consultation to better understand what plan is best for you.
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