Creating a will and/or establishing a trust ensures your family, loved ones, and charitable entities are provided for after your death. Without a plan, your estate is subject to intestate succession, which means you will have no say in how your assets are distributed. Taking the time to create an estate plan using a will or a trust ensures the people you care about most will not be forced to deal with delays, disputes, or unnecessary expenses after you are gone.
Creating a will or establishing a trust is not difficult, but it can be complex. You should always to discuss your situation with an experienced estate planning attorney who understands the laws in your state.
What is a Will?
A will is a legal document that details how your assets and properties will be divided upon your death. It defines the testator’s family and life station and it names an Executor or Executrix of your estate.
A living will, on the other hand, details how decisions are made and how an individual would like to be cared for at the end of their life. Both are important factors in planning for the end of your life.
Your will designates how your assets and property should be divided among your heirs. It can name organizations that you wish to provide charitable donations to and it appoints a guardian should you die while your children are still minors.
What is a Trust?
A trust does many of the same things a will does, but it appoints a person or entity the power to hold title to your property while you are living. Trusts help you avoid legal problems after your death and might make it possible completely avoid probate.
Determining which of these estate planning tools is right for you can be challenging. David Dietrich can help. To learn more or to schedule consultation to discuss your situation, contact him at (406) 255-7150 or by email at email@example.com.