Common Estate Planning Tools: Wills And Trusts
If you are looking for a dependable firm, we have more than five decades of combined experience with creating wills and trusts. An Elizabethtown estate planning attorney from Cooper & Cooper Law Offices, PLLC, can help you with drafting a will or trust.
A will is used to select beneficiaries who will receive your property after you pass away. This is one of the most common estate planning tools and can be used to protect your assets from being handled by the state.
A will won’t go into effect until after you pass away, which means that you can designate guardians or heirs without losing any property during your lifetime. If you decide to create a living trust, you will be able to modify it while you are still living, allowing you to make necessary adjustments as time passes.
When you pass away, only then will your trustee be given control over it. Most people don’t need to create a trust unless they own a large amount of money or property. After reviewing your financial situation and long-term goals, we will help you determine which option is best for you.
Should I Create A Will Or Trust?
A will can do certain things that a trust can’t do, such as name guardians for your children. Many parents prefer to select a guardian for their children and their property, rather than let the court decide. A will can also allow you to make a plan for paying off debts and final taxes.
This means that you can eliminate some of the tasks your executor or loved ones might have to do by planning ahead. You won’t be able to reduce estate taxes through your will, but you can use other tools to minimize taxes owed.
If you create a living trust, your family may be able to avoid probate court proceedings. You can put almost any type of property into a living trust, including bank accounts, real estate, and jewelry. Similar to a will, you must name a successor trustee to handle your trust after you pass away. This person will be in charge of distributing the assets and property included in your living trust.
Revocable Or Irrevocable Trusts: What’s The Difference?
You can create two different types of trusts – revocable or irrevocable. A revocable living trust can be modified or adjusted throughout your lifetime. This means that you can change beneficiaries, add a property, or change trustees at any time. You can also destroy the trust if you no longer want it.
Your second option is an irrevocable trust, which is much more secure. Once this trust has been created, you cannot touch anything in it or make any adjustments to it.
Depending on your financial situation, you may prefer an irrevocable living trust for its security. A trust is typically for those with greater wealth, and we do not recommend this option for just anyone. We can review your case to better determine the right option for you.
Call 270-561-6155 To Protect Your Assets And Estate
Whether you want to create a will or a trust, an estate planning lawyer from our firm has the experience to help. Fill out a case evaluation form to discuss your situation with us.