You work hard for your money and want to ensure that your wealth distributions go according to your wishes upon your death. Sadly, many people simply don't understand the difference between wills and trusts and how they can affect inheritance. Don’t be one of them! Take control of your wealth distribution by understanding what wills don’t control and the benefits of a trust.
Most people believe that a will encompasses and controls all of your assets. That is simply not the case. Proper asset ownership for will-based plans can be confusing. However, the bottom line is that a will only controls assets in individual names; it does not control:
While having a will allows you to avoid having a court decide who gets what, a trust can generally protect you even further.
There are many benefits to a living trust, including these five:
There are many types of assets which can be funded into your trust, such as real estate, bank accounts, investment accounts, and intellectual property rights. Others might include:
It’s important to work closely with your estate planning attorney to make certain that all of your wealth distributions go according to your wishes – and done so with the least amount of cost and time delay. Contact us today for more information about wills, trusts, and other financial planning issues and let us help you decide what’s best for your situation!
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