will v. trust
Looking for a brief overview of the pros and cons of each in estate planning. If you know about this stuff, or can point me to a good resource, please let me know. TIA
12 Replies
P
PWR2LZ
1mo
get all our affairs in order: will for less expensive assets, trust to protect our real estate from lawsuits, giving to VT, but also assigning POA, Medical POA and Advanced Directives. We used this law firm previously when my parents were still alive. Neither of us have the mental bandwidth to research the myriad options available to as my wife is still working, and I'm still trying to finish construction on the house we started building 15+ years ago. Good luck.
(In response to this post by HokieMacDaddy)
7
7Hokie1
1mo
(In response to this post by HokieMacDaddy)
N
No Clue
1mo
I think a lot of it comes down to if you have kids and their ages (especially if underaged) and the range of assets you have. Most of your financial accounts can be tied to beneficiaries and you can set up the deed to transfer to a beneficiary upon your death. All of these things can be done without a trust. You may want to consider a trust if you have a lot of assets and your children are young. It doesn't cost that much to consult an attorney if you are unsure.
(In response to this post by HokieMacDaddy)
1mo
Your couple sentences were more useful than anything he shared. Thanks for the info.
(In response to this post by No Clue)
1mo
to be distributed via the probate process. The court usually goes along with your will but is not bound to it.
A trust takes court/probate out of the process and the trust beneficiaries then control any assets in the trust.
I recently set one up for my assets. I had a family member pass recently and was very thankful that they too had a trust. Made life a lot...and I mean a lot....easier after their passing.
(In response to this post by HokieMacDaddy)
J
JM397
1mo
(In response to this post by HokieMacDaddy)
1mo
the will to direct the trust on how to protect assets. There can be some tax issues so I would go ahead and dig into that vast pile of MacDaddy cash and hire a trust and estates lawyer and consult an account.
(In response to this post by HokieMacDaddy)
1mo
Good question...I need to do some sort of planning, because right now I have nothing set up.
(In response to this post by HokieMacDaddy)