Wills Vs Trusts
So, What’s Next?
Fortunately, there are strategies you can use to avoid the probate
process altogether. A trust or a will may enable you to pass your
estate on to your heirs without ever going through probate at all.
Proper estate planning could enable you to pass your estate to your
loved ones privately, without undue delay or expense.
Wills
A will gives you the opportunity to nominate your executor and
guardians for your minor children. If you fail to make such
designations through your will, the decisions will probably be left to
the courts. Bear in mind that property distributed through your will is
subject to probate, which can be a time-consuming and costly
process.
Trusts
Trusts differ from wills in that they are actual legal entities. Like a will,
trusts spell out how you want your property distributed. Trusts let you
customize the distribution of your estate with the added advantages
of property management and probate avoidance.
Wills and trusts are not mutually exclusive. While not everyone with a
will needs a trust, all those with trusts should have a will as well.
Fortunately, there are strategies you can use to avoid the probate
process altogether. A trust or a will may enable you to pass your
estate on to your heirs without ever going through probate at all.
Proper estate planning could enable you to pass your estate to your
loved ones privately, without undue delay or expense.
Wills
A will gives you the opportunity to nominate your executor and
guardians for your minor children. If you fail to make such
designations through your will, the decisions will probably be left to
the courts. Bear in mind that property distributed through your will is
subject to probate, which can be a time-consuming and costly
process.
Trusts
Trusts differ from wills in that they are actual legal entities. Like a will,
trusts spell out how you want your property distributed. Trusts let you
customize the distribution of your estate with the added advantages
of property management and probate avoidance.
Wills and trusts are not mutually exclusive. While not everyone with a
will needs a trust, all those with trusts should have a will as well.
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