Prior blogs discussed why you should begin the estate planning process. However, much more can be said about which options you may have available. Depending on your personal situation or wishes, you could use a will or a trust.
The Benefits of a Living Trust
A living trust is one option you may have for preparing your estate. These are estate plans that provide privacy and great flexibility for individuals with complex estates or minor children. What is in a living trust depends on your needs. A living trust can determine who will receive your assets after you die or are incapacitated.
Upon your death, the terms of the trust may be carried out. There are a couple of advantages involved with using a living trust:
- Your family avoids probate court after your death or incapacitation.
- Living trusts provide you and your family with flexibility. In addition to avoiding probate, the trustee can take control and begin distributing assets even before death.
- The terms of a living trust can be more difficult to challenge.
- You have more privacy with a living trust, as the terms are not public record.
The Benefits of a Will
If you fail to create a will, your matters may be decided by the probate court instead of a will. With a formal will, you can make your last wishes known and legally binding. Other advantages to a will include:
- You arrange the transfer of assets. With a will, you can specify who will receive certain assets after you are gone. You can make formal changes to these terms.
- You can arrange for guardianship. If you have children, then you can determine who will care for them after your death. You can also set aside assets for your children so they can live comfortably.
- You can determine your executor, the person who will carry out the terms of your will. If you do not have a will, then the court may choose who will take over the responsibilities of an executor.
- You can make changes to your will while you are still alive. In fact, you can even revoke the will.
These are only a few examples of how you could benefit from creating a will. Keep in mind, it is inexpensive to create a will. The vast majority of people can afford the costs.
Which Estate Plan Is Right for Me?
The estate planning attorneys at the Law Office of Skipton Reynolds, LLC can help you determine which options are right for your situation. We encourage you to continue exploring our website to learn more about the services provided by our estate law firm.
Skipton Reynolds, Esq.