Wills and trusts are common estate planning tools used to protect one’s
assets and property after death. However, there are important differences
between the two methods that you should consider before choosing one or
the other. Our firm has a thorough knowledge of wills and trusts, and
can discuss your options for protecting your estate.
Here’s what you need to know:
A will goes into effect after you die, and sets forth decisions regarding
assets, property (held in the testator’s name alone), and guardianship
of children. This means you are able to dictate how your financial matters
will be handled after you die, as well as ensure your children are taken
care of by the person you decide. However, wills generally must go through
the probate process. This means they will become public record, and your
family may have to go through a complicated legal process before receiving
the proceeds of the will.
On the other hand, a revocable living trust is private and does not have
to go through probate court after you pass away. A trust becomes valid
as soon as it’s signed. In a trust, you can set forth decisions
regarding assets, property, and other financial matters. However, you
will not be able to appoint a guardian for your children. You can only
appoint a guardian with a will. With a trust, the assets and finances
you put into it will be directly distributed to named beneficiaries after
you die, allowing your family to avoid probate court.
Knowledgeable Estate Planning Attorneys Serving Springfield, MO
Worsham Law Firm has more than 2 decades of legal experience. If you are
debating whether to create a will or a trust, our
Springfield estate planning lawyers can analyze your situation and provide informative services. Planning
for your future is important, and it’s never too late or early to
start. We can help you draft a will or a trust so your assets and family
are protected in the case of your death.
Contact our office
today for efficient representation.