Creating a will or a trust is all about protecting your assets, your loved ones, and your final wishes upon death. When you plan ahead, you are taking extra steps to make it easier for you and your loved ones during a time of incapacity or upon your death. Planning ahead reduces the stress your loved ones will go through during that time.
The compassionate and friendly team at Mitchell & Faix can answer all of your questions and help you create an estate plan that meets your needs. Wills and trusts should not be overlooked, especially when these documents help protect your assets, finances, property, and beneficiaries.
What is a Will?
A will is a document that becomes effective upon your death. Your will determines who is in charge of handling your estate and who will inherit. It is one of the most important documents included in your estate plan. If you do not have a will, there are statutes that will determine who will inherit upon your death.
A will can also nominate a guardian for your minor children should you die before they reach the age of 18. If you do not have a will, upon your death, the court will determine who will be in charge of your estate and who will be the guardian for your minor children.
What is a Trust?
A trust is an entity that governs your assets while you are alive as well as upon your death. While you are alive, you are the Trustee – the person in charge of your assets. When you create your trust, you name a person to be in charge upon your incapacity or death. This person is called a successor Trustee.
The trust also outlines how your assets will be distributed upon your death. With a trust, you can distribute assets to your beneficiaries outright, or you can choose to keep assets in trust to protect the assets for your loved ones.
When you meet with an estate planning attorney from Mitchell & Faix, they will review your situation and inform you of the best way to use a will and/or a trust in your estate plan.
