June 1, 2014 by generationsprobate
If you’re concerned about your assets and how it will be divided amongst your remaining family and legal heirs, you should talk to a trust or probate attorney for help. In most cases, you will be given a choice between a will or a living trust. Here are some facts that could help you decide between the two:
What is a will?
Essentially, a will is a written document in which the testator outlines how he wishes his assets to be distributed in the time of his death. Even when it’s already signed and attested to, it could still be subject to change or amendment as long as the testator still lives, but becomes set in stone after death.
What is a living trust?
Living trust allows a person to still have his estate or a particular property he owns sufficiently managed should he become incapacitated or die. In this system, the person appoints a ‘trustee’ to do most, if not all of the management details of his asset.
Trust versus Will
There are varying conditions and circumstances that can determine whether a will or a trust is best for you. For instance, if you have minor children, living trusts allow you to determine when your child will be entitled to the asset you’re holding in trust. A good way to decide whether you need a trust or a will is for you to identify your objectives and goals; then choose which of the two would best meet your requirements.