A Will Or A Trust?
A Will Or A Trust – If you’ve created a trust, you’ve taken control of your estate plan and your assets. Trust assets are not subject to the probate process and one of the most important benefits of trusts is that they are private. Although notices to creditors may be published, most of the other details (your assets, who is receiving what, etc.) remain private, helping your family minimize the risk of predators.
As part of the trust drafting process, you’ll have named a trustee to manage your estate, when you are no longer able to, and provide him or her with specific instructions on how your assets should be dispersed and when.
One word of caution – trusts must be funded in order to bypass probate.
Funding means that your assets have been retitled in the name of your trust. Think of your trust as a bushel basket. You must put the apples into the basket just as you must put your assets into the trust for either to have value.
Even if you have a trust prepared, you still need a will to pour any assets inadvertently or intentionally left out of your trust and to name guardians for minor children. However, this type of will is much shorter and less complicated than one that is responsible for disposing of all of your assets to your beneficiaries.
The bottom line? Trusts allow you to maintain control of your assets through your chosen trustee, avoid probate, and leave specific instructions so that your children are taken care of – without receiving a lump sum of money at an age where they are more likely to squander it or have it seized from them.
We’re Here to Help
Don’t let the will versus trust controversy slow you down. Call our office today at (877) 314-4309 Toll-free, so we can answer any questions you may have and put together an estate plan that works for you and your family whether it be a will, trust, or both. For more information, contact Hudack Law, please visit areas of service (open link in a new tab) or hudacklaw.com (open link in a new tab).