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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