When preparing for the future, it’s important to consider all the tools available for creating a comprehensive estate plan. Wills and trusts are both useful documents that can protect your assets and loved ones. However, there are several key differences in the way they work. You should consult an attorney to determine how each option can meet your unique estate planning goals. In the meantime, here’s an overview of some major distinctions between the two.

Estate Planning 101: Wills vs. Trusts 

Wills 

A will is a written document that goes into effect upon your death. It can provide instructions for funeral arrangements and the distribution of your assets. If your children are minors, you can name a guardian for them should you pass away before they reach adulthood. A representative is generally appointed to wrap up the estate and to honor your wishes. Wills are required to pass through probate, which is a court process that oversees the administration of a decedent’s estate. 

Trusts 

In contrast, a trust goes into effect upon its establishment, and you can manage it while you’re alive. A designated trustee holds your assets in the trust until it’s time to distribute them to your beneficiaries. Trusts that are funded aren’t subject to probate, so the contents of your estate remain private instead of becoming a matter of public record as they do with a will. Your attorney can explain which assets are suitable for funding a trust. 

If you’d like to get your affairs in order, reach out to Daniel R. McComb Attorney at Law in Batavia, NY. He’ll identify and draft all the documents necessary to ensure your final wishes are carried out. As a trusted attorney with more than 35 years of experience, he’ll assist you in putting together an estate plan that delivers maximum protection. His expertise in this area of law has allowed countless clients throughout Genesee County, NY, to make informed decisions about the future. Call (585) 343-2250 to schedule a consultation with this knowledgeable attorney, or visit him online to learn more about the services he provides.