A will and/or a trust help prepare for your passing. Wills and Trusts should be written with the help of your attorney so that after your death your property is directed to the beneficiaries of your choice with the least tax burden.
“A will is a legal document that lets you tell the world who should receive which of your assets after your death.” quote from CNN Money.
A will also lets you name a guardian for your child or children, as well as the executor of your estate. It might cover the destiny of a beloved pet.
A Trust Agreement is a document that allows a third party, called a trustee, to manage the assets in the trust for the beneficiaries of the trust. Common reasons to establish a trust might be to reduce estate taxes, to avoid probate, and to protect the property in the trust from being squandered by the beneficiaries.
People create trusts for different reasons, and so there are many different kinds of trusts that achieve different goals. Assets in a trust may also be able to pass outside of probate, saving time, court fees, and potentially reducing estate taxes as well. Privacy is considered a prime benefit of utilizing a trust. You must identify clear goals for the trust in order to choose what kind of trust to establish. It is important to determine — on an individual basis — if the establishment of a trust is a beneficial part of an estate plan.
Since wills are not always enacted immediately, a pet trust can offer a more timely arrangement for the care of the pet, while the will is being probated. Read more here.
To learn more about wills and trusts, and to discover the right estate plan for you, consult with an attorney who specializes in estate planning. Attorney L. Lynn Lawrence, PA specializes in estate planning, including wills and trusts, Medicare planning, health care surrogacy, guardianships, and pet trusts.