Both a will and trust can carry a lot of importance in a person’s life. Whether a will or trust is better, will depend on a person’s needs and concerns of what may happen to their assets and inheritance. What may be good for one may not apply to another, but both will help protect oneself, family members, and assets, including real estate and financial power.
Understanding the Differences Between a Will and a Trust
A will only becomes active once one dies and allows one to choose who may inherit their property and belongings after their death. This may include assets that are in the person’s name only, nothing that is in the name of a trust. Also, if one has a minor a will allows them to appoint a guardian of their choosing if they were to pass away. On the other hand, when one creates a trust it goes into effect right away and that person can choose what happens to their property at any time before or after death and will help get their financial affairs in order. This will save a lot of time and money and avoid probate on them too. The trust may remain in effect long after death, allowing everything to remain private and avoid public record.
Trusts & Wills with Gentry Nalley
If you or someone you know is in need of establishing a will or trust in Howell, MI, Brighton, MI, Flint, MI, and the surrounding areas, our skilled attorney Ms. Erika E. McNamara, Of Counsel is here to help. She has several years of professional experience to guide you through every step of the process of creating these documents. We understand that everyone’s needs are different and will tailor each document specifically for you. Call us at (517) 522-4092 or click here to contact us so we can make this process smooth and easy for you.