“Last Will & Testament,” or simply a “Will,” and Trusts are common estate planning terms most people have heard of. Both are key components of estate planning but are often misunderstood. In this blog, a clearer explanation of each will show the many uses for each and the need for an experienced attorney to work with you to create a proper estate plan.
What Is A Will?
In simple terms, a Will is a set of instructions on how the person making the Will wants his or her estate handled after their passing. A Personal Representative, hand-picked by the Will maker, administers the Will, after the Probate Court has proved the Will, by following the instructions within the Will document. The instructions include how any taxes are to be paid and what assets are used to pay them, the names of persons who are to inherit or be prevented from inheriting, the remaining property, and the form of ownership (in trust or outright). Furthermore, a guardian can be nominated for a child or incapacitated person, and numerous other options allow the deceased person to have control of their affairs after passing away.
What Is A Trust?
Trusts are documents prepared to manage the property controlled by the Trust during life and after death, in simple terms. The person making the trust, Trust Maker, is putting their trust in the person they have selected to administer the terms of the trust being created for the benefit of the beneficiaries of the trust. Trust can be put in place as soon as the documents are signed and will survive the trust maker’s death. Trusts are much like Wills in this respect. Trust can be structured to achieve many goals of those wanting to plan for their family’s future. Reduction of death taxes, planning for long-term health care, avoiding probate, and other things, protection from creditors, etc.
How Wills And Trust Connect
Last, Wills and Trust often work together in a comprehensive estate plan providing maximum protection. Both can provide complete control both during life and post-death. Perhaps, most importantly, these documents are designed to promote family harmony after a loved one’s death. We have all felt the emotional toll taken by the passing of a family member. An Estate plan is the deceased’s gift to the survivors designed to provide clear direction going forward, thereby eliminating emotionally fueled disagreements.
Contact Attorney Andrew Bucklin Today
Wills and Trusts serve many purposes in the estate planning process. Andrew Bucklin wants to work with you to determine which options align best with your needs. If you need help setting up wills and trusts, please contact us here to learn more about your future estate planning!