Wills are definitely the thing to do for anyone who wants to plan ahead of time on how their assets will be distributed upon their demise; however, there is also another option that exists known as a living trust. There is similarities and difference between wills and trusts that should help you determine what is best for you.
Wills provide sense of security: Wills have been the legal document of choice for many years and people have depended on them when it comes to ensuring that their assets are disbursed in the manner that they desire once they pass away. A reputable wills lawyer will be able to ensure that your heirs, your home, your properties and other assets are well taken care of and in them manner that you desired; you can always rest easy in the knowledge that wills are followed as the deceased person’s wishes get fulfilled.
Anyone who owns any kind of property or they have children ought to have wills because, in the absence of wills, there is state law that will determine what happens to your property and other investments in addition to who will take care of your children no matter what you may have expressed verbally at the time or prior to your death. There is a great variety of wills from the very simple where for instance, you live everything that you have to your spouse as well as the more complex ones where assets get divided among charities and heirs or they are put in trust funds so they can be used for specified purposes in future such as ensuring your children get college education.
Living trusts: A living trust is not a familiar concept to many people because when most hear the word ‘trust’ they normally want to associate it with wealthy people. Most people believe that this is something that is created purposely for the distribution of significant amounts of funds to organizations or people once they die. The truth, however, is that a living trust almost looks like wills on the surface even though there are some subtle differences between the two.
The first thing about living trusts is that they are put into place while you are still alive and not upon your death; this means that you can have a level of control over the beneficiaries, trustees and all your decisions regarding your assets while you are still alive. The other difference between wills and trusts is that you will be required to transfer the ownership of your assets to the trust the moment it gets set up. Funding trusts mean that you hand your property over to the trustees; you can also name yourself a trustee so that you maintain control of your assets.