Will and Trusts
Wills and Trusts are the most commonly-requested estate planning documents, but many people do not understand them.
A Will (Last Will and Testament) is a document that you sign during your lifetime that governs the disposition of your property after death. Wills are versatile and can do things such as:
– Designate a caretaker for your minor children
– Designate the person to manage your estate
– Give instructions as to where you want your property to go after your death
– Give specific gifts to friends, family and charity
– Transfer assets into a trust for the long-term benefit of loved ones.
While a Will is versatile, it does not come without its drawbacks. A Will does not allow your family to avoid the costs and delays of probate. If you want to avoid probate, the best way to do so is through a trust.
Trusts are a form of property ownership allowing one person to give property to a second person for the benefit of a third person. There are many kinds of trusts that can have the following attributes:
– All of the attributes of a Will (except for the guardianship of minor children)
– Probate avoidance
– Control over terms of distribution
– Asset protection
– Tax savings
– Care for pets