In order to have peace of mind that your final wishes will be carried out and your family members will be protected after you pass, you must create a will or trust. As morbid as it may seem to sit and think about what will happen after you pass, it is extremely important that you prepare for the future. Without creating a will or trust, you leave your family\u2019s well-being up to chance, and your finances up for debate. A will or trust will ensure that your final wishes for your loved ones are carried out, while also ensuring that your assets and finances are distributed according to your wishes.<\/p>\n
When deciding whether or not to draft a will or trust, there are a variety of factors necessary for consideration. A trust acts as a unique legal entity that protects your assets and estate from the probate process, taxes, and public knowledge. You have the ability to put a trust in place before you pass, or upon passing as agreed in your will. There are a variety of types of trusts that you must choose from when taking this route. Your lawyer will help you make this decision after thoroughly evaluating your assets, finances, and estate.<\/p>\n
In contrast, a will legally appoints an individual who will inherit your estate after you pass. This legal document also allows you to appoint a legal guardian for your minor children. When choosing the will route, your estate goes through the legal process known as probate. The probate process ensures that your estate is distributed according to your wishes.<\/p>\n