Many people who are approaching estate planning for the first time will have critical questions about the right documents to be used in the process. Many people may be under the impression that a trust is better than a will and may be curious about whether or not they can serve as the trustee of a trust that they create. Trust are not better than wills on the whole. They are simply different instruments that are used for different strategies and results.
A will is your document to give final instructions about your affairs, such as what you want done with your property after you pass away and who you may want to wrap up your affairs. You may also choose to name a guardian for your minor children in your will. A will is a piece of paper over the course of your life that has no impact. A trust, however, is something that can affect your life while you are still alive.
This is a distinct legal entity that can provide benefits to a beneficiary as well as own property. The individual who chooses to put together a revocable living trust might also serve as the trustee and the beneficiary. It is important to realize that there is very little impact as far as how you handle the property other than how you transact business.
One of the primary differences between a will and trust is that a trust is effective over the settler’s lifetime. If you are curious about how these various estate planning tools could be used in the manner of carrying out your wishes and desires well into the future, schedule a consultation directly with an experienced estate planning attorney.
