Will & Trust Formation
Wills and Trusts are both estate planning documents used to pass assets on to beneficiaries at death. Estate plans must be written, signed, and notarized by the person who owns the estate. By making a will you can decide what happens to your property and possessions after your death. If you die without a will, your assets may be distributed according to the law rather than your wishes. Wills involve probate for changing the title on assets, when someone passes away; but it opens the door for relatives to contest will & tie-up the estate in court for years.
Establishing a trust is a great way to mitigate some or all of the flaws involved in estate planning using wills. The benefits of trust over wills to pass your estate to your beneficiaries is as under:
• A trust can be used to avoid probate – a will cannot.
• A trust can provide creditor protection for the inheritance you leave to beneficiaries – a will cannot.
• A trust can administer assets for minor beneficiaries without court intervention – a will cannot.
• A trust gives the trustee the authority to distribute assets immediately to the beneficiaries based on the terms of the trust.
Trust are not for everyone, however, so it is important to seek proper financial advice.
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