4/9/2024 0 Comments DO I NEed a will or Trust?Whether you're rich or poor, married or single, have kids or don't have kids, an estate plan is important. There are various documents that we frequently use to create a well-crafted, effective and clear estate plan. A Will and a Trust are each valuable tools in creating the right plan. While separate articles and posts could be written (and I have written!) about the particulars of Wills and the Trusts and the appropriate use of each, a simple description might be the following: A Will directs where your property goes and who is in charge when you die but would necessitate probate, while utilizing a Trust avoids probate, streamlines asset distribution and allows for more detailed ways to distribute assets after your death. Both are important tools but a trust is generally preferable and more effective as the central instrument in someone's estate plan. Trusts cost a bit more than Wills on the "front end" (creation of the plan) but are generally considered a superior tool and often end up saving quite a bit of money in the long run. Our estate plans are of course customized to each client's situation and we utilize Wills, Trusts and other documents to put in place a plan that's right for each individual's needs.
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