One common misconception in estate planning is that wills and trusts are the same types of document. Though they may have a few similarities, they are very different. Here, and in our next blog post, you’ll learn what a living trust is so that you can make an informed decision on whether or not you would like to use a will or trust within your estate plan.
If you have any questions while reading this blog post or the continuation of it, contact our estate planning attorney in Cary NC for more information. We are here to help you with all of your estate planning inquiries.
Though it is referred to as a living trust, this document can also be called a revocable trust. A living trust and revocable trust can be considered the same thing. A living trust can do everything that a will can, but it is a bit different.
The main difference between a will and a trust is that all assets and property owned by an individual are placed into a trust while they are living. This can help shorten probate court and be less expensive overall in the event of one’s passing.
With a living trust, there should be no question about one’s wishes after death. It’s a great way to be in total control of assets and distribution upon death. It can reduce instances where someone may challenge the trust. Though it’s rare, however, there may be situations where a living trust is challenged.
In addition, a living trust may keep affairs private rather than going on public record after one has passed. Some individuals prefer this over a will simply for the fact that affairs may be kept private after one’s passing.
A trust might be more complicated to create than a will, but it can offer more protection for assets. Our estate planning attorney in Cary NC is here to go over every detail of a trust and explain why you may want to create one. Call now to schedule an appointment to consult our lawyer about a living trust. Also be sure to head over to our next blog post to learn more about living trusts, as well.
You can work with an estate planning attorney in Cary NC to plan and to have someone appointed to take care of your estate when the time comes. This can ensure that you are protected and that your wishes will be carried out even when you are no longer able to express them. If you're ready to start planning today, contact our estate planning attorney in Cary NC. We are here to help you.
Have you already created an estate plan? If you haven’t reviewed yours in several years, now might be the best time to get started. Our estate planning attorney is here to help you get your estate planning in order and ready should you pass in an untimely manner or become incapacitated at some point. It’s better to be safe than sorry when it comes to an estate plan. Contact our office.