What is the difference between Wills and Trusts? Wills are designed to take your estate and put it into probate court. In probate court, a judge decides how your assets will be distributed based on the best interpretation of your will. The bad news is it is public, costs a lot of money, can delay estate being settled year after year.
Trusts are settled privately by the trust company out of court and follow your directives for the estate. They can also make sure your bloodline heirs continue to get money over a long period of time. For example, if you have an estate of $800,000, it can pay out over two million dollars over 50 years. A trust gives you control and ensures your family is properly taken care of without the costs eating into your estate.
Whether you decide to create a trust or a will, it is important to have a plan in place for when the time comes. If you have any questions or would like to create a will or trust, contact our office today and schedule your consultation
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Disclosures
This document is for educational purposes only and should not be construed as legal or tax advice. One should consult a legal or tax professional regarding their own personal situation. Any comments regarding safe and secure investments and guaranteed income streams refer only to fixed insurance products offered by an insurance company. They do not refer in any way to securities or investment advisory products Insurance policy applications are vetted through an underwriting process set forth by the issuing insurance company. Some applications may not be accepted based upon adverse underwriting results. Death benefit payouts are based upon the claims-paying ability of the issuing insurance company. The firm providing this document is not affiliated with the Social Security Administration or any other government entity.
