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Wills and living trusts are both important documents that allow you to decide how your assets should be distributed after you pass away. However, they work in very different ways; before choosing one, it’s crucial to have a clear understanding of how they vary. The estate planning attorneys at Penoyar Law Offices have assisted numerous Pacific County residents in successfully finalizing property transfers. Their vast knowledge and experience help make the process go as smoothly as possible.

Below, they explain some of the key differences between wills and living trusts, so you can make an informed decision about which one is best for you:

  • Distribution of Assets: A will goes into effect after your death, while a trust is valid as soon as it is signed. Wills provide directions indicating who should receive your assets, and a legal representative will be named to make sure these wishes are executed. Through a living trust, you can distribute property at any time, even while you’re still alive. A trustee may be appointed to hold property for a beneficiary until it’s time to transfer it.
  • estate planning attorney South Bend WAProbate: In most cases, this process is required, even if you have a will. In the state of Washington, the estate’s real property can only be transferred through a probate. The probate court takes control of the will’s administration and ensures the assets are distributed correctly, especially in situations that require title transfers. In some cases, your estate planning attorney can file paperwork and immediately transfer assets that aren’t subject to probate. By contrast, living trusts allow you to avoid this lengthy and expensive process, which can save your beneficiaries a great deal of money and prevent delays in the distribution of your property.  There are avenues that one can take to avoid a probate, including Transfer on Death Deeds.
  • Privacy: Wills that undergo the probate process are a matter of public record. All the details of your assets and beneficiaries will be available for anyone to see. This can lead to problems within a family, as well as with creditors making claims against the estate and contesting the distribution proceedings. The information in a living trust is kept private, which can help prevent personal and legal arguments.

Wills and living trusts are both valuable estate planning tools that can give you peace of mind about the future. When weighing your options, it’s essential to take the differences outlined above into consideration. Other factors you need to think about include naming guardians for minor children, care plans for family members with special needs, and the possibility of being subject to estate taxes. Each of these factors will have an impact on your decision. For professional guidance preparing your documents, contact the estate planning attorneys at Penoyar Law Offices by calling (360) 875-5321. 

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