If you want to ensure your family is taken care of after you pass, you have a few legal options. Setting up wills and trusts are two ways to distribute assets to beneficiaries, and each one has its own advantages. If you have questions about estate planning, turn to The Law Office of Peter A. McInish, LLC, in Dothan, AL. Here, this family law attorney explains the benefits of both wills and trusts.
What Is A Will?
A will is a legally binding document that allows you to dictate how your assets will be distributed after you pass. If there are certain conditions you want a beneficiary to meet before receiving your property, you can stipulate them in your will, as well. When you draft a will, you must choose an executor, who will ensure your wishes are carried out.
In addition to distributing assets, you can also establish a guardian for your children in a will, and you may include any special requests regarding your burial, too. For example, some people set aside a portion of their estate in their will to cover funeral costs in order to ease the financial burden for loved ones.
What Is A Living Trust?
The primary difference between wills and trusts is that a living trust goes into effect as soon as you establish it. All of the property you wish to distribute is transferred to the trust, and you must select a trustee to manage it. Most people choose to act as their own trustee until they pass because a living trust is revocable, which means you can make changes to it as you see fit. Unlike property distributed in a will, a living trust is not subject to probate.
It is never too early to start estate planning. If you are interested in establishing a will or trust, contact the experts The Law Office of Peter A. McInish, LLC. Call (334) 671-2555 to talk to an estate planning attorney today or visit the website to learn more about the legal services they provide to the residents of Dothan and beyond.