Estate planning is perhaps one of the most important things you’ll do in your lifetime. And when you do, you’ll need an experienced estate lawyer to help you understand the process of reallocating your assets. The estate lawyers at MacVean, Lewis, Sherwin & McDermott, P.C., provide comprehensive estate planning services and will help you choose whether a will or trust is the right option for you. If you’re not sure whether a will or a trust is best for you and your family, here’s what you need to know about each one.

Last Will

A last will is a written document that lays out how you’d like your assets to be distributed after your death. This document is signed and witnessed to ensure authenticity and is enforced by a court process called a probate. The probate process essentially proves your will is, in fact, a valid and recent one. A will can be amended or revoked at any time before your death. It also allows you to appoint a guardian for children who are still minors.

Living Trust

A living trust is also a written document that allows you to transfer property. The major difference is that the transfer can happen while you’re still alive, making the probate process unnecessary. So, in effect, you are the beneficiary of your living trust until the trust is transferred to your designated successor after your death.

Which One Is Better?

Both wills and trusts allow you to distribute your assets to designated recipients. In either case, you’ll be able to dictate who your beneficiaries are and how much they receive. But there are certainly drawbacks to having a living trust. A living trust can often be more expensive to execute than a last will because it needs constant management over a long period of time. A will, on the other hand, is only enforced at the time of death, making it a less expensive option.

To hire the estate lawyers at MacVean, Lewis, Sherwin & McDermott, P.C., call today at (845) 343-3000. If you would like to learn more about their other practice areas, visit their website. You can also find them on Facebook.