Most people who confront the topic of estate planning have plenty of questions and are unsure about which documents and strategies may help them accomplish their goals. This is why it makes sense to partner with an estate planning attorney in your state to ensure that all relevant requirements are addressed within anything you create, such as a will or a trust fund.
Estate planning may use both wills and trusts to ensure the smooth transition of assets to your heirs. A will is a legal and public document that directs how your assets will be distributed after you pass away, whereas a trust fund is a legal entity that manages and holds assets on behalf of another individual or organization. A trust may remain active while you’re alive, whereas a will only applies after you pass away. There are many different types of trusts available, and this is why it is important to cooperate with an estate planning attorney to create the estate plan with your needs in mind.
Both wills and trusts offer various advantages in certain circumstances. A trust, for example, goes beyond wills by doing things such as controlling assets, protecting assets from creditors, or keeping those assets and details about your estate out of probate.
A will is the cornerstone of a basic estate plan and should be drafted by everyone, but you may also use a trust to accomplish your individual goals. If you have questions around whether a will and a trust should be used together and which type of trust is most applicable for your situation, meet with a Pasadena estate planning attorney today to discuss your options.