Differences Between a Will and a Trust
There are distinct legal differences between a will and a trust. Although these two documents are key factors in estate planning, they are distinct. It is important to understand each of them as you put together or update your estate plan.
Wills Versus Trusts
A will is a document that directs the distribution of your property after your passing to the heirs and beneficiaries that you designate.
A trust, on the other hand, is a more complex document that can be created for a variety of purposes, such as estate planning, charitable giving, and tax benefits, to name a few. Trusts are generally more flexible than wills. They may transfer assets while you are living or after you pass. Because they can be created for a variety of purposes, there are many types of trusts, including revocable trusts, living trusts, charitable trusts, and special-needs trusts.
Trusts and wills also differ in two important ways:
- Trusts take effect as soon as they are created, whereas wills only take effect upon the death of a person.
- Wills generally must pass through probate, whereas trusts are insulated from probate.
Because every situation is unique, neither a will or a trust is better than the other. Some people even have both a will and a trust for different reasons. An estate planning lawyer in Jefferson City Missouri can help you decide on the best options for your individual situation.
Why a Skilled Attorney is Important
Because of the complexity and legal precision required in creating trusts and wills, your best option is to seek out an experienced estate planning lawyer in Jefferson City Missouri. This helps avoid any costly mistakes that could create problems in the future. A knowledgeable lawyer who specializes in estate planning will be able to give you valuable advice and help you create a plan specifically for your individual situation. Additionally, the attorney will ensure that the documents conform to the letter of the law, protect your interests, and meet your wishes.
Contact Skilled Estate Planning Attorneys in Jefferson City
When it comes to estate planning, you want to make sure it is done right. Experienced attorneys from Grayson & Grayson can give you valuable advice and answer your estate planning questions. Call us today to set up a consultation.