When it comes to estate planning in Lee County, or anywhere else, there are many different possible components. Many people who have an estate plan in place have a will, some kind of trust and/or a power of attorney in place. There are still other types of components, as well, including guardianships, living wills and living trusts. So if you have a will is it necessary to have a living trust, too?
There are some advantages to having a living trust so even though a person might have a will in place it is also a good idea for some people to have a living trust as well. One advantage of having a living trust is that your estate can be settled more quickly. That’s because any assets in a trust do not have to go through probate like they do with a will.
Another advantage of trusts is that they require a trustee(s) to be named, which means if anything happens to the owner of the trust, there will already be someone in place to take over the important responsibilities like paying the taxes, managing the assets and making payments to beneficiaries. Lastly, trusts are great for people who have minor children because they can be used to specify special provisions for how and when those children can use the assets.
Whether you’re considering a will or a living trust, or both, having some kind of estate plan in place is very important. If you need to set up any of these kinds of documents then speaking with an experienced estate-planning attorney is probably in your best interest.
Source: Time, “Why this estate-planning tool beats just having a will,” Kerri Anne Renzulli, Oct. 6, 2014.