Creating an estate plan involves organizing your personal and financial affairs and setting forth your wishes for how your assets should be distributed after you pass. Although it’s not a subject many people want to think about, it is an important step for all families. If you’re starting your estate planning process, you might be wondering if you should have a will, a trust, or both. Our attorneys explain if it is better to have a will or trust.
What Does a Will Do for You?
A will is a legal document that contains detailed instructions for how your estate should be handled after your death. Preparing a will ensures that the decisions about your estate are according to your wishes and not left in the hands of the court. A will is needed to protect your real estate, bank accounts, business assets, investments, valuable objects, and more. Listing specific details about how you want your assets and properties to be distributed in your will can prevent disagreements between your loved ones.
What Does a Trust Do for You?
A trust is a written agreement that details how your property should be managed during your lifetime and distributed after your death. A trust allows a third party, or trustee, to hold assets on behalf of you and your beneficiaries. A trust also allows you to minimize estate taxes, avoid probate and allows your beneficiaries to receive assets faster.
Ultimately, a will and trust serve different purposes. A trust allows a trustee to help manage your assets in the event that you no longer have the physical or mental capability to do so. A will solely provide detailed instructions for distributing your assets. Determining whether you need a will or trust should depend on your unique situation.
Call Our Experienced Lawyers Today
If you’re unsure if having a will or trust is the right choice for your unique situation, our attorneys at Hurtik Law & Associates are here to help you. We provide personalized legal counsel tailored to the needs of each client. With over 50 years of collective experience, our team has the knowledge, skills, and experience needed to guide you through your estate planning process.
Contact our attorneys today at (702) 323-5750 to schedule a consultation!