Protecting Yourself
By crafting an estate plan, you assert control over your property and assets, which even lasts after your lifetime. If you have specific wishes, desires, or intentions regarding your property, it is essential to create a comprehensive plan that ensures their implementation after your passing. Developing a thorough estate plan safeguards your rights and provides you with a lasting influence over your legal affairs.
What is the difference between
a will and a trust?
Wills
A will is a legally-binding document that must be created before you die. Its legality will be reviewed through a court process called probate. Within this document, you can designate to whom your property and assets will go in the event of your death, dividing property and belongings between your spouse, children, or close acquaintances. Wills appoint an individual to be your representative and carry out your exact wishes upon your death.
Trusts
Trusts can be put into immediate effect upon creation. Trust processes help you distribute your property while you are alive and bypass court probate procedures. Trusts commonly have two recipients: one beneficiary that receives primary benefits during their lifetime, and a second beneficiary who receives benefits after the first has passed away. Consult with an attorney or estate planner and discuss your situation when allocating your will and trust.
Protecting Your Loved Ones
Planning for the future is crucial, especially when it comes to ensuring the well-being of your family after you’re gone. Without a carefully crafted estate plan, your passing could potentially leave your loved ones in a precarious situation. The division of your estate and assets may lead to conflicts and cause fractures within your family, contradicting your true wishes. However, by proactively creating a comprehensive estate plan, will, or trust, you can provide your family with clear guidance and direction regarding your estate interests. Moreover, having a well-defined estate plan streamlines the process for the executor of your will. By legally documenting your specific wishes, you not only offer guardianship and protection for your descendants but also ensure that they receive the necessary financial provisions upon your passing.
The Importance of Avoiding Probate
Probate is the process by which your will is examined. Probate is done to ensure the document’s legality, but it can be an expensive and time-consuming process to complete. Probate often involves excessive fees—court fees, attorney fees, accounting fees, appraisal fees, bond fees and others—as well as cumbersome paperwork, bureaucratic delays and familial tension.
