Planning ahead for your own mortality can be scary, because not only do you have to think about your own death but also you will need to articulate these thoughts into a legal document. However, estate planning is an important step in being able to protect your inheritance and your intentions. There are important differences between a trust and a will.
A will designates who receives your belongings and property after you pass away and allows you the chance to appoint a person who will carry out these intentions. The will officially goes into effect after your death and only handles items in your name. A trust, on the other hand, is slightly different. This becomes effective the moment that you sign it and enables you to add not only your own items and property but also those of other family members.
Trusts are far more private than wills because a trust does not become a matter of public record. A trust can also take care of your living wishes in addition to your plans for your property because it goes into effect the moment that you sign it. The grantor of the trust will be you, but the trustee will manage the trust for your specified wishes.
Sometimes the wishes that you intend to make over the course of your lifetime and change are a part of a revocable trust. Other times you will have less control which is known as an irrevocable trust. Schedule a time to sit down with an estate planning lawyer today to talk over your options.