wills vs trusts: an overview
A WILL AND A TRUST ARE TWO DIFFERENT LEGAL DOCUMENTS USED TO TRANSFER PROPERTY AND ASSETS AFTER A PERSON’S DEATH, BUT THEY DIFFER IN SEVERAL WAYS:
Purpose: A will is a legal document that outlines how a person's assets and property will be distributed after their death, while a trust is a legal entity that holds assets for the benefit of beneficiaries during and after the grantor's lifetime.
Probate: A will must go through probate court, which can be a lengthy and expensive process. In contrast, a trust can avoid probate and allow assets to be transferred directly to beneficiaries.
Privacy: A will is a public document that becomes part of the public record once it is filed with the court, while a trust can be kept private.
Control: A will only takes effect after a person's death, while a trust can be created to take effect during the grantor's lifetime. This allows the grantor to maintain control over their assets while still alive.
Flexibility: A trust can be more flexible than a will in terms of how assets are distributed and managed. A trust can also be used to provide for special needs beneficiaries, manage assets for minor beneficiaries, or provide for beneficiaries over an extended period of time.
Cost: A trust can be more expensive to set up than a will, but may ultimately save money by avoiding probate.
If you’re interested, I would love to setup a consultation to discuss what is best for your individual needs and circumstances.
