Central Business District, New York
36 West Main Street, Suite #110
Rochester, NY 14614
585-263-2444

What’s the Difference Between a Trust & a Will? July 5, 2017

Central Business District, Rochester
What’s the Difference Between a Trust & a Will?, Rochester, New York

When it comes to planning for your family’s future, you may struggle to decide between a will and a trust. Though many people use the terms interchangeably, they represent two distinct methods of estate planning. As an experienced property attorney, Steve Butcher Sr., Esq., of Rochester, NY, has helped individuals throughout Monroe County navigate the complex world of estate planning and will creation. Here, he explains the difference between trusts and wills, so you can decide which option works best for your family.

Wills

WillA will is an estate planning document that takes effect when you die or are otherwise unable to consent to asset changes. This protects your assets from unauthorized distribution and ensures your wishes are carried out when you’re no longer able to make requests on your own. Though these documents can be extensive and provide detailed instructions for the distribution of property in your name, they won’t apply to anything held in joint tenancy. Anything you own with another person cannot be handled through a will, and you’ll need to speak with a property attorney to ensure your interests are protected.

Trusts

A trust is utilized during your lifetime and can be continued after you pass away. With a trust, you can distribute assets to your beneficiaries as you see fit, drawing off the funds as needed with the help of a supervisory trustee. Though similar to a will, trusts cannot stipulate guardianship for your children or provide guidance on funerary requests. However, contributing to a trust may help you save money on taxes. If you’re interested in learning more about how a trust can benefit your family, contact your lawyer.

Whether you’re considering establishing a living will or looking for an attorney to help you sell your house this year, contact Steve Butcher Sr., Esq. Visit his website to learn more and call (585) 263-2444 to schedule a consultation today.

 

Attorney Advertising

Other Announcements, Events and Deals from Steve Butcher Sr.
3 Factors to Keep in Mind When Writing a Living Will , Rochester, New York
You may not feel the need to draft a last will if you do not have any children or significant assets. However, everyone should have a living will because life is unpredicta...read more
How Does Divorce Affect Estate Planning?, Rochester, New York
Getting divorced is a major life transition that affects everything from holiday plans to retirement goals. As such, it can take time to adjust to all the changes. There are some leg...read more
When Should You Consult With a Wills & Estates Attorney?, Rochester, New York
Unless an injury or illness forces them to, it’s understandable why people rarely think about their own mortality. As a result, it’s fairly easy to postpone estate planning. Although...read more
Local Real Estate Attorney Shares Best 3 House Hunting Apps , Rochester, New York
House hunting can be an incredibly daunting task, but in this day and age there seems to be an app that makes just about anything easier. Rochester, NY’s leading real estate att...read more
Visiting Rochester With Your Property Attorney? 3 Must-See Historical Homes, Rochester, New York
Rochester is known for the historical homes peppered throughout eight different preservation districts. Purchasing one can involve red tape, so it’s important to bring your...read more