Do You Need a Will or Trust?
March 23, 2022
Making a Will or Trust is one of the most important things you can do for your loved ones. Both documents have different purposes, and it’s important to understand the difference before deciding which one is right for you.
In this newsletter, we will discuss the basics of Wills and Trusts, and help you decide which document is right for you.
What is a Will and How Does it Work?
A Will is a legal document that states how you would like your assets to be distributed after you pass away. You can use a Will to name an Executor, who will be responsible for carrying out your wishes. You can also use a Will to appoint a guardian for any minor children.
What is a Trust and How Does it Work?
A Trust is a legal document that allows you to control how your assets are distributed after you pass away. You can use a Trust to set up conditions on how and when your beneficiaries will receive their inheritance. Trusts can also be used to minimize taxes on your estate.
Deciding Between a Will and a Trust
First, everyone needs a Will at a minimum. This document simply states your intentions as to what happens to your assets when you die.
If you have more complex wishes or needs regarding your assets and/or children, then you need to consider whether a Will or Trust (or both) best fits those needs. Below are some key differences between these two documents:
Wills go through the Probate process while trusts do not,
Wills are public record while trusts are private, and
Assets in a Trust can be distributed immediately upon your death while assets in a Will cannot be distributed until after the Probate process is complete.
My Office Can Help
If you have any questions about Wills or Trusts, Click here to Schedule a FREE Virtual Estate Planning Session. We’ll help you decide which estate planning documents will work best for your family and ensure your loved ones are protected - no matter what.
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