Most people dread talking about death, especially their own. But death is a part of life, and along with one’s death goes the planning for it. Legal preparations are on that list, with trusts and wills at the top. Let’s first explain a main difference between a trust and a will: A living trust takes effect as soon as you create it, while a will takes effect after you die.’
If you chose a living trust instead of a will, or if you’re uncertain which of the two is best for you, turn to The Povman Law Firm. Using our in-depth experience with trusts and wills, we will help people navigate their ways through the legal processes, which has many twists, turns and complexities.
It’s natural to feel some anxiety and stress when planning a living trust (sometimes called an “inter vivos” or “revocable” trust). But knowledge is power.
Here are two essential aspects of which you should be aware.
A living trust avoids probate.
With wills, your estate goes through the court proceedings through which your assets are distributed according to your wishes by the executor. But a living trust avoids probate, which often means a rapid—months or years versus just weeks—distribution of assets.
A living trust offers privacy.
It’s not made public upon your death. A will, however, is a public record and so all transactions will also be public. Furthermore is the handling of any out-of-state property you may own when you die. With a will, that property will have to go through probate in its own state, whereas a living trust can help you avoid probate.
By The Povman Law Firm
June 25, 2021
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