It’s hard to think about wills and trusts and your eventual death, but it’s even harder on your family and loved ones when there’s no plan in place for what happens after you die. And while no one really wants to talk about estate planning, you’ll find that you actually feel much better after you do.
How a Will or Trust Can Help You
Without an estate plan, your loved ones will be left scrambling to access the resources they need in a timely manner, if they get them at all. Wills and trusts allow you to prevent the confusion and complications that result from the lack of an estate plan.
Essentially, a will is a document that allows you to name beneficiaries of your property and assets, as well as choose a personal representative to administer your estate. A will can also dictate how taxes and debts will be handled.
However, a trust can do a little more:
- Avoid probate
- Maintain your privacy after death
- Prevent conservatorship
- Leave property to minor children
- Establish a trustee to control how beneficiaries spend or access assets
Wills are typically easier to prepare than trusts, which require more extensive knowledge of estate planning law. That said, a trust is far less likely to have any court challenges.
Regardless of whether you choose a will or trust, tackling your estate plan will help you sleep better at night knowing that a plan is in place for the unexpected.
Avoiding Probate with a Trust
You’ve worked hard for your assets and don’t want to see them wasted or wrested away from your intended beneficiaries. A trust gives you complete control over how those assets get distributed. For example, if you want to ensure a cousin, a family friend, or a charity receives a portion of your assets, a trust can ensure that wish is honored. A will, on the other hand, is much easier to be challenged in probate court.
Preventing Family Disputes
Having a clear estate plan reduces disputes and delays in asset distribution. Without a detailed plan, other distant family members can challenge other beneficiaries and tie up your assets in a drawn-out legal battle. Working with an experienced attorney can ensure assets transition smoothly.
Related: See “D.I.Y. Will? Here are Four Ways That Could Backfire”
We Strategize with You to Create a Plan that Works for You
Wills & Wellness Estate Planning has the benefit of years of experience creating wills and trusts for clients that evolve as your family grows and changes. Contact us today for a free consultation.