Estate planning can be a confusing and complex process, especially if you are just starting to explore your options. You may have already read a little about wills and trusts and are probably wondering which option is best for your future. Including both of these documents in your estate plan provides many advantages, so you should consider both.
Why You Need a Will and Trust
People often make the mistake of thinking that having a will is enough or that creating a trust means there is no need for a will. Neither of these assumptions are true, however. Both of these important documents are essential when it comes to preparing for the future.
Here are some reasons why you should have both a will and trust:
- A trust can only cover the property you transferred in writing, so if you do not transfer all of your assets and property, it will not pass according to the terms of your trust. Smaller keepsakes like jewelry or art can be left to specific individuals in your will.
- A will gives you the ability to name a guardian for your minor children.
- A trust allows you to avoid the probate process, which can potentially be time-consuming and expensive. Moreover, everything will remain private and your successor trustee will manage it after your death.
- In a will, you can also state your funeral wishes, ensuring that such matters are carried out according to your preferences.
Ultimately, this matter is not an either-or type of question. Although each document can provide many benefits, as a pair, they offer the best advantages, which is why you should consider incorporating both into your estate plan. With a will and trust, you can feel confident your heirs will be protected in the aftermath of your passing.
Schedule a Free Initial Consultation with One of Our Skilled Estate Planning Attorneys!
Creating an estate plan is one of the most important things you can do for your family when preparing for the future. At Dorcey Law Firm, our experienced legal team will walk you through the process of creating a comprehensive estate plan, so you can rest assured your loved ones will be cared for after you are gone. No one can ever know what the future holds, but we can help you plan for it.
Reach out to our law office today at (239) 309-2870 to schedule a free initial consultation with an estate planning attorney.