An Attorney for Trusts and Wills Explains These Important Documents
Do you know the distinction between a will and a trust? An attorney for trusts and wills explains the differences between the two legal documents in this video.
Wills and Trusts are both valuable estate planning documents with different objectives but create a comprehensive estate plan when used together. They allow you to determine what will happen after you pass away to your home, assets, and investments and who will have custody of your children.
When someone passes away, they get their assets and property distributed according to the terms of their will, which is a legally binding document. It only protects your legally owned property at the time of your passing. You cannot give something to someone else if you do not own it.
A trust is a type of legal arrangement in which you choose who will be in charge of managing and holding title to your assets and property, as well as distributing the income generated by the trust to the beneficiaries you designate. It only applies to assets transferred to the trust and titled in its name alone.
If you need to create a will or a trust, you should get in touch with a wills and trusts attorney with experience in estate planning.