Wills and Trusts — What’s the Difference?
Updated: Jul 20, 2021
We’ve been talking about Wills a lot lately in our ever-growing library of blog posts, and it’s easy to see why. After all, having a Will ensures your final wishes are carried out. It also keeps your family from having to jump through a bunch of complex legal hoops. But please don’t misunderstand. A will by itself doesn’t cover all your bases. There are many estate planning documents available to you and your family, including Trusts.
You may have heard of Trusts in the past, but what is it? Furthermore, what is the difference between Wills and Trusts?
Wills and Trusts
A Will goes into effect when you die and lets your family and the probate court know how you want your possessions (financial or otherwise) distributed. Think of it as a list of very specific directions that you leave behind, and it should cover as much as humanly possible to reduce stress and heartache for your loved ones.
A Trust performs many of the same functions as your Will. But rather than kick in when you die, a Trust can be created and managed during your lifetime. You control and manage the Trust and all the assets under its umbrella, and when the time is right, you can pass that responsibility to a successor trustee to step in and handle your affairs exactly how you laid out in the document. A trust is a bit more complicated than a Will, but it has several benefits:
1. Different types of Trusts (Living, Revocable, etc.) cater to your needs and wishes.
2. Avoid probate because it is private information. A Will is public information and can still be subject to probate.
4. A Trust is recognized in all 50 states.
Call Caitlyn Ashley Law today!
There is so much more to this conversation about Wills vs. Trusts. The main takeaways are that Trusts aren’t just for the super-wealthy. They can be for everyone. Call to set up an appointment for a free consultation to discuss your unique situation and what best suits your needs.
Having a plan for the future is the most important gift you can give yourself and your family. Granted, none of us will ever know for sure what is around every corner in life. And just thinking about the what-ifs can be overwhelming. But having a plan that accounts for your family’s unique circumstances, puts your affairs in order, has concrete solutions to your concerns, lays out your wishes and goals, and protects your family’s future provides peace of mind for the road ahead.
Caitlyn Ashley Law in Denton, Texas, will counsel you on which documents are best suited for your needs and ensure they are flexible enough to meet your changing needs for years to come.