WILLS VS. TRUSTS - WHAT'S THE DIFFERENCE?
Posted: December 28, 2017
Wills and trusts are common estate planning tools used to protect one’s assets and property after death. However, there are important differences between the two methods that you should consider before choosing one or the other. Our firm has a thorough knowledge of wills and trusts, and can discuss your options for protecting your estate.
Here’s what you need to know:
A will goes into effect after you die, and sets forth decisions regarding assets, property (held in the testator’s name alone), and guardianship of children. This means you are able to dictate how your financial matters will be handled after you die, as well as ensure your children are taken care of by the person you decide. However, wills generally must go through the probate process. This means they will become public record, and your family may have to go through a complicated legal process before receiving the proceeds of the will.
On the other hand, a revocable living trust is private and does not have to go through probate court after you pass away. A trust becomes valid as soon as it’s signed. In a trust, you can set forth decisions regarding assets, property, and other financial matters. However, you will not be able to appoint a guardian for your children. You can only appoint a guardian with a will. With a trust, the assets and finances you put into it will be directly distributed to named beneficiaries after you die, allowing your family to avoid probate court.
KNOWLEDGEABLE ESTATE PLANNING ATTORNEYS SERVING SPRINGFIELD, MO
Worsham Law Firm has more than 2 decades of legal experience. If you are debating whether to create a will or a trust, ourSpringfield estate planning lawyers can analyze your situation and provide informative services. Planning for your future is important, and it’s never too late or early to start. We can help you draft a will or a trust so your assets and family are protected in the case of your death.
Contact our office today for efficient representation.