I am often asked what the difference is between a will and a trust, and I usually feel the expected answer is supposed to be a satisfactory two or three sentence answer. Unfortunately, my explanation is not that simple. When you're waiting for disbursement of goods from a will or trust, nobody wants to be left wanting, or feel left out -- like my dog Gracie at the dinner table! The differences between a will and a trust are complex, but to start, here is a simple explanation of the similarities: Both a will and a trust distribute assets when you pass away, but the disbursement methods … [Read more...]
Do I Need A Trust?
People often ask if they need a trust, or whether or not a will is sufficient. Both wills and trusts are useful for distributing assets upon death. However, there are certain times where outright gifts to heirs or beneficiaries through a will or trust are not necessarily the best idea. So, the question becomes under what circumstances are trusts useful or helpful. This discussion may apply to both testamentary trusts (trusts created at the death of an individual), and inter vivos also known as living trusts (trusts created while an individual is alive). Trusts are very useful tools … [Read more...]
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