Hey, there! It’s Jennifer from Norton Estate Planning & Elder Law. If you’re like most people, you’ve heard of wills and trusts, but you may not be sure what the difference is or which one is right for you. Don’t worry, we’re here to break it down for you.
Let’s start with the basics. A Will is a legal document that outlines your wishes for how your assets will be distributed after you die. It can also name a guardian for any of your minor children. A Will only takes effect after your death and must go through probate, which is a court process that can take time and money to get the inheritance to the beneficiaries.
A trust, on the other hand, is a legal document in which you transfer ownership of your assets to a trustee. The trustee manages the assets for the benefit of your designated beneficiaries, which can include you while you’re living. A trust can be revocable or irrevocable. A revocable trust allows you to change or revoke the terms at any time, An irrevocable trust is a document that contains terms that are set in stone. A trust can help you avoid probate and potentially save time and money so long as the name of your trust is reflected on all of your assets.
So, which one is right for you? Well, that depends on your individual circumstances. If you have a small estate or simple distribution wishes, a Will may be sufficient. If you have complex assets, want to avoid probate, or want more control over your assets both during your life and after you pass, a trust may be the better option.
At Norton Estate Planning & Elder Law, we can help you understand the differences between Wills and trusts and assist you in determining which one is right for you. Our experienced team can guide you through the estate planning process and create a plan that meets your needs and protects your assets.
Don’t wait until it’s too late to plan for the future. Contact us today to schedule a consultation and take control of your estate planning like a boss.
Remember, it’s never too early to start planning for your future, and we’re here to help make it easy and straightforward.