Wills and Trusts are necessary planning tools to protect your family, legacy, and assets. Unfortunately, many people procrastinate creating their Will or Trust, forcing their spouse and family into expensive court costs and high estate taxes. Because of poor planning, all too often an estate can shrink to half of its original value.
Here are some of the main differences between a living trust and a will:
- A living trust, unlike a will, can keep your assets out of costly probate proceedings.
- In a trust, information about your estate stays private. In probate, information about your estate is made public.
- A trustee can manage the assets of the trust indefinitely. Wills name an executor to manage the assets of the probate estate only until probate closes.
- Unlike the probate of a will, your estate will not have to pay a probate attorney or court fees in response to your passing.
- The two main reasons people create trusts are to avoid probate and take advantage of their flexibility.
We recommend creating both: a living trust and a pour over will to ensure any assets that aren’t already in your trust are transferred to the trust upon death. The trust will be the vehicle for carrying out all of your intentions during life and after.
DPA Attorneys is pleased to announce that we are now offering estate planning services curated for business owners. We have created a full proof questionnaire, so no stone is left unturned. We have questioned everything from who makes medical decisions on your behalf to who takes care of your pets. We have tax planning professionals on board to minimize estate tax.
You have millions in assets, protect yourself and your family. Ensure these assets are distributed per your intent. Call or email us today for a free consultation.
Should you have any questions, reach out to us at Questions@DPAAttorneys.com or (760) 372-0007