Estate & Family Planning:
Wills, Trusts

Will or Trust?

Depending on the issues to be addressed, a will or trust can be executed to handle the dissipation of your assets to whomever you would like to be the recipient of i.e. the beneficiary of the designated assets depending on the state law if you have children and/or are married. 

A will is a written document that becomes effective upon the death of the testator (person who makes the will). It can provide for the decedent’s wishes for naming guardians of minor children to bequeath assets to family, friends, and/or charities. The will becomes a public record having to be processed in the legal system through the probate court which can delay the closing of the estate. 

A trust unlike a will becomes effective upon its determination and can be created for a variety of functions by giving third-party instructions on the manner by which the declarant (the person creating the trust) intends for the assets to be dissipated. The trust can either be a testamentary trust (after death),  or a living trust which can either be revocable or irrevocable. A trust is not a public document thus providing for greater privacy to the deceased, the family, and other recipients; and provides for a more straightforward estate transfer process by not being subject to review through probate courts. 

The issues to be considered in implementing a proper estate plan with either a will or a trust are full of complications. 

The Bales Law firm consults with their clients in determining the estate planning needs pertinent to the personal and family financial circumstances, the financial and medical considerations