Will and revocable trust are legal contracts that outline your final wishes. They both enable you to articulate things like:
A will is a much simpler document than a trust. As such, they tend to cost less to set up and don’t require as much ongoing attention. If you have a smaller or less complicated estate, a will may be ideal for you.
However, a revocable trust may provide two key benefits over a will. Because they usually don’t go through the probate process, trust settlement may be less expensive and quicker than wills. Trusts also provide a way for you to plan for incapacity, not just death.
Many people have both a will and a revocable trust. You can have a will inside a trust. With this approach, you may be able to take advantage of the strengths each arrangement offers.
Working with a qualified inheritance lawyer will ensure that you create an estate plan that makes sense for you and your family.
An estate planning lawyer can draft your will, create a revocable trust, help you develop strategies for wealth management, advise you on beneficiary designation, and more.
Revocable trusts avoid probate and provide privacy. Wills go through probate (which can make them more time-consuming and costly) and become public records.
Probate is a legal process that helps ensure a deceased person’s estate is settled according to their will and applicable laws. The process involves authenticating the will, taking stock of assets, resolving debts and tax obligations, and distributing inheritances to beneficiaries.
The executor of a will administers the estate, pays debts and taxes, and distributes assets to beneficiaries according to the will.
Hire an inheritance lawyer to act on your behalf and ensure a fair trust settlement.
