Many people think that estate planning only entails getting a will. A will is an important part of having an estate plan, but it is not always the best way to distribute your estate. Instead, one of the best things that you can do is get a will and a trust that work together to protect your estate and your family. Here are a couple things that you need to know about wills and trusts.
What Is A Will?
A will is just a document stating what you want done with your minor children, and in some cases your estate. Most estate planning attorneys recommend not naming anybody the beneficiary of your estate in your will. This is because a will has to go through a legal process called probate where the court will oversee the division of everything that you have.
In some cases probate can take a very long time, in other cases it can be very quick. The concern is that if it does take a long time, it can cause your family to be without your estate and their money for that time. If you had intended for your family to get your estate immediately to help care for their needs, then you could be in a good deal of trouble. This is why it is best if you simply name a guardian for the minor children in the will, and then put all of your assets in a trust.
What Is A Trust?
A trust is an excellent way to get your family their assets quicker. When you title things into the trust, like your house, stocks, bank accounts, assets, personal property, and so much more, your estate goes right to the beneficiaries of the trust upon death.
The courts do not over see the execution of a trust. Instead you name a trustee you will make sure that everything is executed properly and that each person gets their share of the trust. In most cases, everything in the trust will be divided equally between all of the beneficiaries. Meaning if you have four children then all four children will get even distribution of the assets. This is by far the easiest and best way to organize your assets and property.
If you have any questions about what you need for a will or a trust, talk to an estate planning attorney like Eloise Taylor P.A. They can help you know what is right for your specific situation.
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