Do I Need a Will or a Trust?
As you age you may wonder what you should do about your wills and trusts. This can be a difficult task, especially if you don’t fully understand the lingo, process, or even the differences between the two. That’s where we come in. At the Law Offices of Rios & Parada, PLLC, we’re dedicated to helping you navigate the process of creating both wills and trusts. Let’s go over a little bit of what that might look like.
What Are the Differences Between Wills and Trusts?
You may be familiar with the two terms, but there are distinct differences between a will and a trust. For instance, a will usually starts after you die while a trust starts once the document has been created. A will details everything you plan to leave behind and to who while a trust can be used before or after death to distribute your property. Either way, if you have property, assets, or anything of that sort to distribute, creating a will and trust is in your best interest.
Creating a Will
When you create a will, you want to be sure you put thought into how you want your assets to be distributed once you pass. This decision is entirely up to you. You may want to leave it all to a friend or loved one or divide it up among your children. Whatever the case may be, creating a will takes knowing where you want your assets to go.
Developing a Trust
When you develop a trust, you want to be able to identify a person who you can trust to manage your assets should you become incapacitated or die. This person will enact how your belongings will be distributed should you find yourself in a state of incapacitation.
Trust or Will?
While you don’t necessarily have to choose one over the other, there are benefits to doing so depending on your situation. If you have a small estate and don’t want to spend a lot of money creating this kind of contract, a will is the way to go. If you have a larger estate and need to be more scrupulous about how your assets are distributed, a trust can help. In reality, you could create both, which can help you better manage your assets before and after you pass. Your best bet for knowing which steps to take is to work with a lawyer.
Working With a Lawyer
Establishing a will and trust can be difficult. The lawyers at the Law Offices of Rios & Parada can help you ensure your documents are created accurately. Call us today to learn more about how we can help you!