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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