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Will

01 Definition:

A legal document that outlines how a person’s assets will be distributed after their death.

02 Key Features:

Probate: Wills typically go through probate, a legal process that validates the will and ensures assets are distributed according to the deceased’s wishes.

Public Record: Once probated, a will becomes a public document.

Simplicity: Generally straightforward and easy to create.

03 Limitations

Takes effect only after death. May be subject to probate fees and delays. Does not cover assets held in joint tenancy or certain accounts with named beneficiaries.

Trust

01 Definition:

A legal arrangement where one party (the trustee) holds and manages assets for the benefit of another party (the beneficiary).

02 Key Features:

Avoids Probate: Assets in a trust typically bypass probate, allowing for quicker distribution.

Privacy: Trusts are generally not public records, maintaining confidentiality about asset distribution.

Flexibility: Can be structured in various ways (e.g., revocable or irrevocable) and can include specific instructions for asset management and distribution.

Ongoing Management: A trust can provide for asset management during the grantor’s lifetime and after death.

03 Limitations

More complex to set up and manage than a will. Generally involves higher initial costs for creation and maintenance.

Choosing Between a Will
and a Trust

Simple Estates: A will may suffice for straightforward estate planning.

Complex Estates or Specific Wishes: A trust may be more appropriate for
those needing detailed management or distribution plans, or for larger
estates to minimize taxes and probate issues.

Many people use both a will and a trust together to ensure
comprehensive estate planning.

We offer Will & Trust ONLINE ESTATE PLANNING PACKAGE through
NetLaw Group

ONLINE ESTATE PLANNING PACKAGE $600

BENEFITS

  • SIMPLE TO USE
  • FAST & EFFICIENT
  • PUTS YOU IN CONTROL
  • WORK AS A TEAM
  • COST EFFECTIVE

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& Career Growth

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