It depends on your situation, but we will help explain the differences.
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Wills and trusts are very different estate planning documents and either can be the right choice, depending on your circumstances. While they both provide instructions for distributing assets following death, a trust is generally a much more detailed document.
One of the main reasons that people opt to use a trust, as opposed to a will, is that trusts don’t go through probate.
Probate involves the court determining the validity of a will. Also, if someone dies without having done estate planning, their estate will go through probate. The court will appoint them a representative and will divide the estate in accordance with state law.
Using a trust, as opposed to a will, cuts the costs significantly by avoiding probate. Probate can be a time consuming and costly process.
We help our clients decide which estate planning documents are right for them and explain that this may change over time.
A young couple with children but no assets may want a simple will, whereas a middle age person with life insurance and retirement benefits might be more suited for a trust.
We always recommend working with your attorney to make sure your assets, family and wishes are protected through the use of appropriate estate planning tools.
If you have questions about drafting, updating, or reviewing your estate plan, contact Rickard & Associates today!
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