Wills and trusts play important roles in estate planning. Before consulting a will attorney, it’s wise to understand what wills and trusts are and how they differ. The information below may answer your basic estate questions to help you prepare for a productive discussion with an attorney.

Basics to Know About Trusts & Wills When Talking to a Will Attorney

Purposes of a Last Will & Testament

A last will and testament is a legal document that directs distribution of your personal property and other assets after you pass away. It is ineffective until your death, and you can change it at any time with the help of a will attorney. Beyond directing assets, you can also designate guardians for your minor children and adult children with special needs. You’ll name someone, who is called an executor, to carry out the will’s terms. If you pass away without a will, state law controls the distribution of your property, and they will assign guardians to your dependents.        

Purposes of a Trust

A trust is a legal vehicle in which you can place assets including real, personal, and intellectual property. Unlike a will, living trusts are effective during your lifetime. If you create testamentary trusts, they take effect at your passing.

A trust creator is called a settlor, the property is the trust res, and the person you designate to administer the contents is the trustee. Trusts can be irrevocable or revocable, and your choice affects issues including control of the res, protection from creditors, and tax consequences.

When you want to create a will or set up a trust, will attorney Jennifer L. Tiger at Stayton Law in Stayton, OR, will serve you. With more than 20 years of experience serving Marion and Linn County residents, she knows how important it is to pay attention to small details while preparing these documents. She ensures they comply with the law while conveying your wishes. Start estate planning now with a skilled and compassionate will attorney. Call (503) 769-7741 today to schedule a consultation in Willamette Valley or Santiam Canyon, and visit the law office online to learn more about Attorney Tiger’s experience.