Differences Between a Will and a Trust
Something that is very essential to those in Greenville, IL is protecting your loved ones. You can do this by having both a will and a trust. With both of these in mind, there are differences between the two. The two differences between these two actions are truly important in the case of unforeseen circumstances. If you have not figured out a trust or will for your family, and need to know the differences between the two of these things, it is important that you continue to read along for the information that you need.
A living revocable trust becomes effective immediately while you are alive. This is something that you can be fully in charge of. When the time comes and you do pass, the person that you put as the successor trustee can easily step in and handle any affairs that you have laid out. Once you have created a trust, you can move the ownership of key assets, this can be your home, and other property that you may own. Once you make yourself a trustee on these assets, you can call any and all shots on how to manage them while you are alive. Something else that you may want to consider is having someone as your successor trustee. This is someone that takes over your needs if something were to happen to you. This is a good thing since this person will have this granted to them without court approval.
Something that is important to know is that if you only have a will when you pass, your family may have to go through a lengthy court process to have a right to follow what you laid out for everyone in the family. This action is called a probate. With this being time-consuming and quite costly since your family will need to hire a lawyer, it is also public. When you die with only a will, that document must be filed with the court and can be accessed by anyone.
Legal Will Explained
With trust in mind, it is also beneficial to have a will. This is a document of all your assets that you would like to hand out to your family if you have passed on. While your assets such as a home should be in your trust, the smaller keepsakes like your jewelry, or any other personal processions will want to be given to specific people in your family. In a will, this is where it is spelled out. A will is also where you can write down any funeral wishes that you may have.
If you are someone with young children, you must have a will. This will give guardianship of your children. This can be quite upsetting to think about, but what could be more upsetting is leaving your children with no one to care for them, and then falling into the court system. That is what happens when parents die without legal guardians ready to step in.
When it comes to your family, something like this should be a smooth process for them. Losing a family member is one of life’s hardest challenges. Make it easier on your family by having everything all spelled out. If you have any questions regarding wills or trusts, please don’t hesitate to call our trustworthy team at Diaz Law Offices today!