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Thursday, November 21, 2013

Differentiating between a will and a trust

Many people do not understand what the difference between a will and a trust is. I came across a great article by JDSupra that spells it out very well.          

            A will is a written document that states how your property will be distributed when you die. It must be signed and witnessed.            

            On the contrary, a trust is a written agreement designating someone (a trustee) to be responsible for managing your property. The most common is the living trust; much different from a will that comes into affect after you, as the owner of the assets, pass away. When you die with a trust in place, the assets that are in the trust transfer directly upon your death to your heirs and your family avoids the public probate process.

            Once you have grasped the concept you may be wondering: which on is best for you? It truly depends on preference as well as the size of your estate. Every family is different, and it is difficult to make generalizations about whether a will or a trust is better overall. However, in general if you have minor children, a child or grandchild with special needs, have a certain amount of assets (valued at more than $100,000), or own real estate, a trust could be the better option. 

            To read more refer to this outside source: http://www.jdsupra.com/legalnews/confused-about-the-difference-between-a-61665/ 


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