A will is a legal outline highlighting how you want your assets distributed when you die. It’s an essential “piece of paper” that give your family specific instructions after you pass, including any funeral arrangements or other special wishes.

Wills only go into effect after death, and every will must go through probate court for validation before the executor can distribute any assets. There are four wills to consider: simple will, testamentary will, joint will, and living will.

We can help you create a will and ensure it is up-to-date as life events change, such as death or divorce. Regular updates are essential to will creation to ensure your decisions always reflect current reality.

What is a Trust?

There is a critical difference between wills and trusts, though they both work together and serve a purpose in protecting your assets and future. A trust is a fiduciary arrangement that allows a third-party—or trustee—to hold assets on behalf of the beneficiaries.

Trusts provide legal protection that wills alone cannot. A trust ensures your assets are distributed according to your wishes as a private arrangement. A trust never goes through probate court as a will does, saves time, and reduces inheritance and estate taxes.

For most people, the private aspect of a trust is most appealing as it will save your family from probate and the high costs that go with it. As they can be challenging to understand and complex, an estate planning attorney will help create a trust.

What if I Die Without a Will?

Most people that die without a will don’t know the consequences of passing without one. When you die without a will, it is called dying “intestate.” Your family will be the most shocked in this situation as your estate, personal belongings, property, and all of the assets you worked so hard for will go to probate court.

The probate court will decide—not you—how your loved one’s assets will be distributed and to whom. Typically, immediate heirs are a priority in receiving the assets, though other family members, including extended family, can step forward and try to pursue money, belongings, and more.

People deciding on a trust want to protect their family from conflict and avoid costly probate court.

Should I Have a Trust and a Will?

A will and a trust work together to preserve your legacy, final wishes, and personal choices in life and death. End-of-life planning should be a natural part of life planning to ensure your family is taken care of when you’re gone and your assets, wealth, and medical choices.

Think of a will as a platform to communicate how you want your assets distributed and a trust as the vehicle in which you protect them. While a will is a proper legal tool, a trust goes into effect when you transfer money or assets into it.

Your family will immediately receive your hard-earned assets without the court’s involvement. As you consider wills and trusts as part of the estate planning process, contact our attorneys, and we will help you get your end-of-life plans in order without the hassle. Contact us today: (254) 323-5506.