Drafting And Modifying Wills And Trusts
No matter how hard you work or how many riches you may possess upon your death, you cannot take it with you. But you can plan for this inevitability and determine who takes possession of your belongings once you pass way. Although there are many ways to pass on your assets, the two most common methods of doing so are a last will and testament and a living trust.
Wills: A Simple Solution
A last will and testament is a legal document that communicates your wishes as to whom shall receive your assets and property upon your death. A will is the most basic, yet most efficient, way to ensure that all you leave behind, including the care of your children, will be taken care of according to your desires.
Trusts: A Legal Entity To Manage Your Assets
Like a will, a living trust, often called a family trust or revocable trust, is a legal document that provides for the distribution of your assets after your death. However, a living trust differs from a will in that you create a separate legal entity to hold and manage your assets both during your life and after your death. This entity allows for the management of your affairs in case of incapacity or dementia as well as for the immediate transfer of assets after death without court interference.
Speak To An Experienced Estate Planning Lawyer Today
Estate planning attorney Beth Kruchek cares about the details of your case and makes it her top priority to help you understand your options, so you can make decisions today that will help you and your family for years to come.