The Importance of Wills & Trusts

Not everyone is aware of the importance of wills & trusts, but they are two things that can make a person and his or her family happy and organized. Both living trust documents and wills are important things for a person to set up while he or she is living. They both seek to bring clarity to how one’s assets and estates are going to be divided after the person is deceased, but the two of them work a little differently. The following are some of the differences and similarities between a trust and a will.

Differences Between Trust and Will

One major difference between trusts and wills is that trusts are not public documents. Wills are public documents, and they must go through probate, a court procedure, to determine their validity before anything gets distributed. Trusts do not have to go through such a process.

Another difference between trusts and wills is that wills are only to be executed after the person is deceased. A trust may go into effect while the person is alive if that person loses his or her mental capacity. Furthermore, wills are generally easy to create while trusts take longer, cost more money and are more complex.

Which One Is Best for You

If you are trying to decide between a will and a trust, you may want to consult with an established attorney. Such a person can help you decide which option is best for you. You may need both. The best way to tell is to schedule an appointment with someone who can talk to you about it immediately.If you need legal assistance you can also find additional legal aid here and you can search for a lawyer here.