It’s never too early to start estate planning. You’ve worked hard to take care of your family up to this point, and both wills and trusts can ensure they are taken care of after you pass. If you need to devise or update an estate plan, turn to the Glacier Law Firm in Kalispell, MT, and read on to learn more about the benefits of wills and trusts:
A Guide to Wills & Trusts
What Is a Will?
A will is a legally binding document that details how you want your property to be distributed upon your passing. You may also use a will to establish guardianship of your children. If you have a fairly small estate, drafting a will is an easy way to ensure your family will be taken care of in the event of your death. Additionally, all wills are revocable, which means you can update yours at any time.
What Is a Trust?
A trust is a financial arrangement between you and a third party, who will manage certain assets on your behalf for any beneficiaries. There are several different kinds of trusts, but they all have some of the same characteristics. For example, any property that you pass down through a trust does not have to go through the probate process upon your death, which means it will not become public record.
Trusts also allow you to make certain stipulations that wills do not, so the third party will have more control over your wealth even after you pass. Additionally, certain kinds of trust arrangements can minimize estate taxes for your loved ones.
If you want to learn more about wills and trusts, turn to an estate planning attorney at the Glacier Law Firm in Kalispell, MT. Check them out online to view their additional practice areas, and call (406) 552-4343 to schedule an initial consultation with a lawyer at their firm today.