Wills, Trusts & Estates
While it may be the last thing you want to think about, estate planning is an important step you can take to protect the interests of your family. A well-prepared estate plan will help you ensure your wishes are carried out and your loved ones are taken care of once you’re gone. If you pass away without a plan in place, your family members may be left to sort out the mess in court. Our team of attorneys will be happy to assist you drafting your Will, setting up a trust and assist with Estate Planning as needed.
Last Will & Testament
An instrument by which a person designates how they would like their real and personal property divided after they die. This document is used when the person has died. A Last Will & Testament allows the person who dies (Testator/Testatrix) to choose a person (Executor/Executrix) who will be responsible for carrying out their wishes in the Will. If a person dies without a will, the State will determine who will be responsible for the distribution of the deceased’s property and all other assets (Estate), which may or may not be what the Deceased person intended.
Living Will
An instrument by which a person directs his/her wishes regarding medical treatment and end of life care. This document is used when the person is still alive. It will be utilized when the person is unable to communicate these wishes themselves. This document covers how a patient would like to be cared for and whether or not they wish measures used to prolong their life. These life prolonging measures include, but are not limited to, life support, resuscitation, and other medical or non-medical procedures. This instrument also directs whether or not you would like your body and/or organs donated.
Difference Between Wills & Trusts
- Will: A will is a legal document that specifies how your assets will be distributed and who will take care of any minor children after your death. It only takes effect after you die.
- Trust: A trust is a legal arrangement in which a trustee manages assets on behalf of beneficiaries. Trusts can take effect during your lifetime (living trusts) or after your death (testamentary trusts).
- Will: Wills must go through probate, a court-supervised process that validates the will and oversees the distribution of the estate. This process can be time-consuming and costly.
- Trust: Trusts can avoid the probate process, allowing for quicker and often less expensive distribution of assets.
- Will: Since wills go through probate, they become part of the public record, which means anyone can access them.
- Trust: Trusts typically remain private documents, so the details of the trust and its assets are not made public.
- Will: Since wills go through probate, they become part of the public record, which means anyone can access them.
- Trust: Trusts typically remain private documents, so the details of the trust and its assets are not made public.
- Will: Since wills go through probate, they become part of the public record, which means anyone can access them.
- Trust: Trusts typically remain private documents, so the details of the trust and its assets are not made public.
- Will: Since wills go through probate, they become part of the public record, which means anyone can access them.
- Trust: Trusts typically remain private documents, so the details of the trust and its assets are not made public.
- Will: Since wills go through probate, they become part of the public record, which means anyone can access them.
- Trust: Trusts typically remain private documents, so the details of the trust and its assets are not made public.
- Will: Since wills go through probate, they become part of the public record, which means anyone can access them.
- Trust: Trusts typically remain private documents, so the details of the trust and its assets are not made public.
- Will: A will takes effect only after death and does not provide for asset management during your lifetime.
Trust: A living trust can manage your assets during your lifetime and continue to manage and distribute them after your death, offering seamless continuity.
In summary, while both wills and trusts are essential estate planning tools, they serve different purposes and offer distinct advantages. A will is primarily for directing the distribution of assets after death and naming guardians for minor children, whereas a trust provides more comprehensive asset management during and after your lifetime, with the added benefit of avoiding probate. The choice between a will and a trust depends on your individual circumstances, goals, and the complexity of your estate.
Frequently Asked Questions
Wills FAQs
A will is a legal document that specifies how a person wants their assets distributed after their death. It can also appoint guardians for minor children and specify final arrangements.
A will ensures your assets are distributed according to your wishes, helps avoid family disputes, and can simplify the legal process for your loved ones.
What happens if I die without a will?
Dying without a will, known as dying intestate, means state laws will determine how your assets are distributed, which might not align with your wishes.
Yes, you can change your will at any time. This is typically done through a codicil, which is an amendment to the will, or by creating a new will.
Do I need a lawyer to make a will?
While you can create a will on your own, consulting a lawyer is recommended to ensure it is legally valid and properly executed.
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Who should be the executor of my will?
The executor is responsible for carrying out your wishes as stated in the will. Choose someone you trust, who is organized, and who is willing to take on the responsibility.
Can I disinherit someone in my will?
Yes, you can explicitly state in your will if you wish to disinherit someone. However, some jurisdictions have laws that protect certain heirs, like spouses or minor children.
How often should I update my will?
It’s a good idea to review your will every few years or after major life events such as marriage, divorce, the birth of a child, or significant changes in your financial situation.
What are some common mistakes to avoid when making a will?
Common mistakes include not updating the will, not signing it properly, failing to name an executor, and not considering all assets and beneficiaries.
Trusts FAQs
A trust is a legal arrangement where one party (the trustee) holds and manages assets for the benefit of another party (the beneficiary).
Why should I consider setting up a trust?
Trusts can help manage and protect assets, provide for minor children or dependents, reduce estate taxes, and avoid probate.
What are the different types of trusts?
Common types include revocable living trusts, irrevocable trusts, testamentary trusts, and special needs trusts.
What is a revocable living trust?
A revocable living trust is a trust that you create during your lifetime. You can change or revoke it at any time. It allows you to manage your assets and can help avoid probate.
An irrevocable trust cannot be changed or revoked once it is established. It can offer tax advantages and protect assets from creditors.
How does a trust avoid probate?
Assets placed in a trust are not subject to probate because the trust, not the individual, owns them. This allows for faster and potentially less costly distribution of assets.
Can a trust help with estate taxes?
Yes, certain types of trusts can help reduce estate taxes by removing assets from your taxable estate.
The trustee manages the trust according to its terms. Choose someone trustworthy, financially savvy, and willing to act in the best interest of the beneficiaries.
What is a special needs trust?
A special needs trust is designed to provide for a disabled beneficiary without affecting their eligibility for government benefits.
Can I change the beneficiaries of a trust?
In a revocable trust, you can change the beneficiaries at any time. In an irrevocable trust, changing beneficiaries is typically not allowed without the consent of all beneficiaries and potentially a court order.
Funding a trust involves transferring assets into the trust’s name. This can include real estate, bank accounts, investments, and personal property.
Do I need a lawyer to set up a trust?
While it’s possible to set up a simple trust on your own, consulting a lawyer is recommended to ensure the trust meets your specific needs and complies with state laws.