If a will is the foundation of every comprehensive estate plan, trusts are the cornerstones. Together, these legal arrangements allow you to protect your loved ones in all eventualities. To ensure your documents address everything, consult an estate planning attorney when creating them. In the meantime, here are the answers to some of the most frequently asked questions about wills and trusts.

FAQ About Wills & Trusts 

What are the major differences between wills and trusts?

Wills and trusts are easily confused because they both allow you to transfer assets to loved ones. Whereas property passed down through a will must go through probate, assets placed in a trust can bypass these proceedings because you must fund the trust prior to passing. In other words, the property is transferred before you pass away. Trusts also allow grantors to impose restrictions on when the assets are distributed and how they are used by beneficiaries. 

Does everyone need a will?

Regardless of your financial situation, family dynamic, age, or health, it’s smart to create a will sooner rather than later. Since life is unpredictable, this will ensure you’re prepared for anything. In a will, you can bequeath property to loved ones, establish guardianship for minor children, name an executor, and state burial preferences. 

Do I still need to set up a trust if I create a will?

While you should draft a will regardless of your circumstances, you may not necessarily need to include any trusts in your estate plans. If you haven’t acquired significant assets — such as a home or vehicle — yet, there will be no need to create additional financial arrangements.

Can wills or trusts include pets?

Because pets are considered property, you cannot name them as beneficiaries in wills or trusts. If you want to ensure their continued care should you pass before they do, though, there is a roundabout way to do so through a trust. You simply have to create a trust in which the beneficiary is the animals’ caretaker. Upon your passing, the trustee will then release the funds for the pets’ care as needed. 

For help creating a comprehensive will or trust, turn to Katzman, Logan, Halper and Bennett. Located in Cincinnati, OH, this firm is backed by nearly 90 years of experience in the legal field. When you turn to them for guidance, you can count on receiving personalized and attentive counsel from day one. To request a consultation, call (513) 793-4400 or complete the form on their website.