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Deciding whether a will or trust will work for you can be a difficult choice, especially if you are unfamiliar with what each option entails. To this end, you may require the assistance of an experienced estate planning attorney to ensure you are making the right decision. For residents of Elko, NV, Goicoechea, DiGrazia, Coyle, & Stanton can provide comprehensive legal guidance on matters related to the creation of wills and trusts.

estate planningIn addition to their estate planning prowess, this firm can also offer assistance in a number of other practice areas—they have experience in a variety of civil lawsuit cases. This is due in no small part to their expansive litigation history that spans over 40 years. As a result, they can afford clients a greater understanding of numerous legal matters, such as the difference between wills and trusts.

Key Differences Between Wills & Trusts

Trusts can be put into effect immediately after they are created (although they don’t have to be). This entails naming a trustee, which can be yourself, a reliable friend or relative, or an institution such as a bank. The trustee will then retain the deed for your property until the time it is distributed to the named beneficiary. Trusts are not subjected to probate and do not allow the creator to dictate who will be the guardian of their minor children or stipulate funeral arrangements.

Conversely, a will only goes into effect after you are deceased. Wills also require you to name a representative who will be responsible for carrying out your final wishes upon your death. In most cases, a will must undergo the probate process. The probate process will determine whether a will is deemed valid in the eyes of the law while also ensuring that assets are distributed in the proper manner.

Which One Is Right for You?

While both wills and trusts offer a number of distinct benefits, determining which option works best for you requires the assistance of a qualified estate planning attorney like those at Goicoechea, DiGrazia, Coyle, & Stanton. Visit their website for more information on a variety of legal topics, from construction law to personal injury. You can also call (775) 738-8091 to arrange your consultation with a skilled estate planning attorney today.

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