Groton, Connecticut
4 Fort Hill Rd
Groton, CT 06340
(860)449-8059

The Major Differences Between Wills & Trusts April 13, 2018

Groton, New London
The Major Differences Between Wills & Trusts, Groton, Connecticut

Wills and trusts are two types of estate planning documents that help you protect your assets, honor your loved ones, and design your legacy. But wills and trusts serve different functions in one's overall estate plan. Below, will attorney Mark O. Grater, Attorney at Law, in Groton, CT, discusses some of the key differences between a will and a trust.

A Will Attorney’s Brief Guide to These Estate Planning Options

When They Go Into Effect

One of the biggest factors that separate wills and trusts is when they are enacted. A will only goes into effect upon your death; there is never an instance where the terms of a will would be instituted when the signatory is still living. However, don't confuse this with a living will—another estate planning tool entirely—which allows you to make health care and end-of-life medical treatment decisions. A trust, on the other hand, is typically enacted when you sign it and goes into effect right away.

What Goes Through Probate

will attorneyAll estates must go through a legal administrative process called probate. This involves verifying the validity of the will and overseeing the distribution of assets. But the probate process is avoided entirely for assets placed into the ownership of a trust. This can save considerable time, money, and stress as the courts are not involved and ownership is swiftly transferred from you to your beneficiary.

Special Provisions

One advantage of a will is it lets you make special provisions, such as guardianship arrangements for your minor children or plans for your funeral. A trust deals solely with property ownership and the transfer of said property. In this regard, a will is the more versatile document. Estate planning and will attorneys tend to agree that a comprehensive estate plan should include both a will and a trust for maximum protection and efficacy.

Do you need to organize your estate planning documents? Let Mark O. Grater, Attorney at Law, help you craft the legacy you most want to leave your loved ones. He has more than three decades of experience in estate planning, personal injury, bankruptcy, and workers’ compensation matters. Call (860) 449-8059 or visit his website to make an appointment with this will attorney today.

Other Announcements, Events and Deals from Mark O. Grater Attorney at Law
3 Ways to Rebuild Credit After Bankruptcy, Groton, Connecticut
While it’s true that bankruptcy significantly impacts your credit score, this doesn’t mean your record is ruined forever. With discipline, resolve, and the guidance of a knowledgeabl...read more
Bankkruptcy- What About My Car Loan and Mortgage?, Groton, Connecticut
People often ask if they can keep their car or house when they file for Chapter 7 bankruptcy.  These are know as secured loans.  In Connecticut, the answer is yes, as long ...read more
Is Bankruptcy the Right Step for Me?, Groton, Connecticut
If you're struggling with debt, filing for bankruptcy may be your best course of action. Take note, though, that this debt relief does not apply to everyone. An experienced...read more
5 Tips for Avoiding Bankruptcy, Groton, Connecticut
When you’re unable to meet your financial obligations, bankruptcy can provide a way out and allow you to wipe the slate clean. However, seeking debt relief through the courts can hav...read more
Bankruptcy-Who Do You Go Before?, Groton, Connecticut
Bankruptcy Court procedure in Connecticut is unlike the type of Court procedure one is normally acquainted with, such as going before a judge to plead your case, whether it be civil ...read more