If you have been thinking about estate planning, chances are you have heard the terms “trust” and “will.” Although do you know what each of these terms means and what makes them different? Here is what you should know:
The most significant difference between a will and a trust is when they go into effect. A trust goes into effect the second it is signed and funded. On the other hand, a will does not go into effect until the person passes away. Although there is a lot of overlap between trusts and wills, many aspects make these documents different and sometimes equally necessary.
Benefits of a Will
– Allows you to name guardians for your children and pets
– Allows you to designate exactly where your assets go when you pass
– You can specify final arrangements
Benefits of a Trust
– Offers more significant control over when and how your assets are distributed
– Applies to any assets held inside the trust
– Comes in multiple forms
– Allows you to avoid probate court
Do you know which option is best for you? The good news is, you can choose more than just one! You can obtain both a will and a trust if you prefer. Give the Law Offices of Harris & Literski a call at 810-207-6578 to discuss your options. When you come to us with questions about developing wills and trusts, we can answer your questions and guide you through the process.