You constantly hear those around you telling you to plan for your future, and to plan for the unexpected. That is why it is so important to set up a will and/or a trust for your belongings. You know that wills and trusts delegate who gets what after you pass, but what does that really mean? Let’s take a deeper look at the difference between will and a trust:
A will is a written document that allocates to whom your belongings will go to in the event of your untimely death. This is also where you should appoint a legal guardian for any children under the age of eighteen, and a home or home(s) for any pets. This document can be amended or rewritten at any time during your life.
A living trust allows you to manage it throughout your lifetime, and after your death. It allows you to avoid probate on any assets, control the fate of your property and assets after you pass, prevent your finances from becoming public records, and plan for any health problems that you may face as you age. A living trust must be actively managed by an attorney. Your living trust is only as valuable as the assets and funds in it.
For further information regarding the difference between a will and a living trust, or to schedule an appointment with one of our experienced lawyers to draft up either of these documents please contact Lyons Sullivan.