What is the Difference Between a Will and a Trust?

Will & Trust

Wills and Trusts

If you are in the process of creating an estate plan, you may want to consider including a will and a trust, each of which serves a unique function when it comes to preparing for the future.

A will is one of the most common estate planning tools people use. When you create a will, you will be able to list your assets and debts, including property, family heirlooms, and any other possessions you wish to leave to your family, friends, or charities. Dying without a will in place can potentially result in a lot of conflict in your family and a lengthy and expensive probate process for your loved ones as they try to determine how your assets should be distributed.

If you have minor children, your will can serve another important function. You can appoint a guardian to care for them in case their parents die. Without a will, the state would assign a guardian for your minor children and it may not be someone you would have approved of.

A trust is another type of document that can facilitate the transfer of an estate, but it presents some of its own unique benefits. One of the biggest advantages of creating a trust is that its contents are rarely challenged in court and, moreover, they generally keep beneficiaries out of probate court. Ultimately, a trust can ensure your loved ones inherit your assets as quickly and smoothly as possible while incurring fewer legal fees.

Speak to an Experienced Estate Planning Attorney to Get Started!

If you are beginning the process of creating an estate plan, now is the time to secure skilled legal counsel to ensure your unique needs are met. At the Law Office of Nancy Perry Eaton, PLLC, our estate planning attorney has helped clients create effective estate plans since 1992. When you choose to work with our legal team, you will receive unmatched knowledgeable legal advice and guidance.

Reach out to our law office today at (254) 221-8588 to set up a consultation with our estate planning attorney to begin planning for your future and learn more about the benefits of creating a will and a trust.