A will and a trust are both important estate planning documents, but they serve different purposes. A will is a legal document that outlines your wishes for the distribution of your assets after your death. A trust, on the other hand, is a legal arrangement that allows you to control how your assets are managed and distributed during your lifetime and after your death.
Wills
A will is a legal document that outlines your wishes for the distribution of your assets after your death. It is important to have a will in place so that your assets are distributed according to your wishes and not according to the laws of your state.
A will can include the following:
Your name and date of birth
The names of your beneficiaries
The specific assets you want to leave to your beneficiaries
Any instructions you have for the management of your assets after your death
Trusts
A trust is a legal arrangement that allows you to control how your assets are managed and distributed during your lifetime and after your death. There are many different types of trusts, but some of the most common types include:
Revocable living trusts: A revocable living trust is a trust that you can change or revoke at any time during your lifetime. This type of trust can be used to avoid probate, protect your assets from creditors, and provide for the management of your assets if you become incapacitated.
Irrevocable trusts: An irrevocable trust is a trust that you cannot change or revoke once it is created. This type of trust can be used to save on taxes, provide for the education of your children, or provide for the care of a disabled loved one.
Which is Right for You?
The decision of whether to create a will or a trust is a personal one. There is no one-size-fits-all answer, and the best option for you will depend on your individual circumstances. If you are not sure whether a will or a trust is right for you, it is important to speak with an estate planning attorney.
At Skipton Law, LLC, we can help you create a will or a trust that meets your specific needs. We offer a free consultation, so you can learn more about your options and get started on creating a plan that will protect your assets and your loved ones.
To schedule a consultation, please call us at (303) 555-1212 or visit our website at www.skiptonlaw.com.