What are Wills and Trusts? Why is it important or useful to know about? What are its benefits? Who or what situation is it best suited for? Who is an ideal client for this service?
The words will and trust are commonly heard in the same sentence but are two totally different legal documents. What they have in common is that they are both estate planning documents. A will is a legal instrument that appoints an administrator to carry out your wishes after you have died. Passing away with just a will instructs the wishes that you chose to be carried out on your behalf but requires your administrator to go to probate court. The probate process can be a length and expensive process. A revocable living trust is also a legal document but it begins to take action during your lifetime. A well drafted trust that has trust assets transferred into it may avoid the lengthy probate process.
Whether you chose a will or a trust creating your estate plan can be very beneficial. Everyone can benefit from the peace of mind that planning for the future can bring. An a estate plan has five major purposes that can serve you during your life and after your death:
- Providing for your incapacity
- Appointing a guardian for your minor children and a person to manage the children’s assets
- Avoiding a probate, including avoiding the delays in distribution of assets and expenses associated with a probate
- Choosing how your assets will be distributed to your beneficiaries after your death
Potentially minimizing estate taxes
What problems or challenges does a Power of Attorney address?
A well crafted estate plan can be a gift to your loved ones and a way to retain complete control over your assets and how they are distributed at your death. Having a good estate plan can relieve the stress your loved ones may face during a time of great grief or distress.
Are you a good candidate for a Will and a Trust?
If you find yourself wondering who will take care of your minor children if you die, who will maintain your residence pr your person if you become incapacitated, or if you would like to give detailed instructions on who should inherit your valuables call trusted advisors at Key Counsel, P.C. to arrange a consultation.
Why work with Key Counsel P.C. Law Firm for this service?
Our firm attorneys have the experience to help you plan for the future and preserve what you value. We create customized estate plans that include: Wills, Trust, Advanced Healthcare Directives, Power of Attorneys, HIPPA Waivers, Affidavits of Death, Special Needs Trust, Guardianship Appointments, and transfer documents. If you have questions about the estate planning process or are ready to move forward with creating a comprehensive estate plan, we are ready to help.