Estate Planning Attorney | Everyone knows that a will is important in the estate planning process. But not everyone is aware that a will might not be the best option for them. It’s important to understand the benefits and differences of a will and living trust to ensure you’re making the right choices for you and your family. You can start by talking to a qualified estate planning attorney.
A will is a revocable document subject to change that outlines how you’d like your assets handled after death. It can involve appointing guardians for children, and is a signed and witnessed document that is distributed only after death.
On the other hand, a living trust allows the management of assets before and after death. If you are assigned as your own trustee, the trust instrument will assign a successor after death. A living trust is beneficial when you’re avoiding probate on your assets or planning for the possibility of your own disability or incapacitation. This can be used for any size estate and can keep your financial matters private.
There are some downsides to a living trust, including the fact that it’s expensive to set up, and only the assets placed in the trust can be controlled. There can also be significant estate taxes associated with a living trust.
If you have children and are proactively planning on managing your estate plan, a living trust might be a good option for you. However, ultimately, the work to accomplish the same task of assigning your assets if a time came when you cannot adequately assign them.
Speak with a qualified elder law and estate planning attorney who can guide you to the option that is best for you and your family. Contact Mortarello Law offices today to find out how we can help.