Differences Between Will and Trust
When you are getting your estate in order and doing all of the necessary planning, it is imperative you work with someone you can trust to can explain to you all of the complexities in the estate planning process, such as the differences between a will and a trust.
The estate planning that happens at the law offices of Reinfeld & Cabrera, P.A. involve a counsel of professional advisors who have knowledge of and understand your goals and concerns, know of all of your assets and are familiar with your family structure. This group can consist of your lawyer, accountant, financial planner, and banker, just to name a few.
After you pass away, you want to make sure your estate planning covers the transfer of your property, as well as a variety of other personal matters. Both a will and a trust are important estate planning tools and whether you should establish a will or a trust, or both, depends on different factors.
A will goes into effect after a person dies. This document generally names a person to carry out the wishes of the person who made the will, and also names who will receive the person’s property. A trust, on the other hand, is in effect as soon as a person creates the trust as part of their estate planning. With a trust, property can be appointed to someone before the person dies, when they die, or even dated at a specific time following the death. A trust is an arrangement where a person, also called a trustee, holds property for the good of a beneficiary.
A good estate planning team will also explain to you that another difference between a will and a trust is that a will needs to pass through probate and will become public during this process. A trust can often save time and money as it does not need to go through the probate process, keeping the trust information private.
Reinfeld & Cabrera, P.A. can help you with your estate planning and further explain the differences between a will and a trust. We can make sure we set up exactly what is needed for your specific circumstances, ensuring that your estate is cared for in the manner you wish.