(757) 552-6055Most people have heard the terms “trust” and “will” but cannot always define the differences. The two documents serve different purposes but can work together to create a complete estate plan. A will is governed by probate law. A trust is governed by contract law. Each document has its advantages and disadvantages. So when exactly do you need a Trust vs. a Will?
Trusts vs. Wills
They Have Different Effective Dates
A will is not in effect until you die. A trust, conversely, is effective once executed and funded with assets. A trust can be used during your lifetime for specific purposes, including ensuring you are financially secure during a disability or legal incapacity.
They Have Different Probate Requirements
The property subject to your last will and testament passes through probate. That means a court oversees the administration of the will. The court also ensures that your will was properly executed and is valid. Finally, the court requires that your executor or personal representative file documents, such as inventories and accountings, to ensure that your property is being distributed in accordance with your will.
A trust passes outside of probate, so a court will not oversee the process, which can save time and money. Unlike a will, which becomes part of the public record, a trust can remain private.
They Have Different Tax Requirements
A will cannot protect your assets from an estate tax. If your estate exceeds a certain threshold, a trust may be able to create certain tax advantages.
They Have Different Out of State Property Ownership Requirements
If you own real estate in more than one state, a trust will help you avoid opening probate matters in each of those states. Ancillary probate estates can be costly and cumbersome. By drafting a trust and transferring all of your real estate into that trust, your trustee avoids having to probate real property in multiple states.
Speaking with an estate planning attorney at Poole Brooke Plumlee PC can help you decide whether a will or a trust is right for you. Make your appointment today.
Reading your article helped me a lot and I agree with you. But I still have some doubts, can you clarify for me? I’ll keep an eye out for your answers.
Reading your article has greatly helped me, and I agree with you. But I still have some questions. Can you help me? I will pay attention to your answer. thank you.
I don’t think the title of your article matches the content lol. Just kidding, mainly because I had some doubts after reading the article.
I don’t think the title of your article matches the content lol. Just kidding, mainly because I had some doubts after reading the article.
I don’t think the title of your article matches the content lol. Just kidding, mainly because I had some doubts after reading the article. https://accounts.binance.com/pt-BR/register?ref=B4EPR6J0
Your article made me suddenly realize that I am writing a thesis on gate.io. After reading your article, I have a different way of thinking, thank you. However, I still have some doubts, can you help me? Thanks.
Your article made me suddenly realize that I am writing a thesis on gate.io. After reading your article, I have a different way of thinking, thank you. However, I still have some doubts, can you help me? Thanks.
At the beginning, I was still puzzled. Since I read your article, I have been very impressed. It has provided a lot of innovative ideas for my thesis related to gate.io. Thank u. But I still have some doubts, can you help me? Thanks.
At the beginning, I was still puzzled. Since I read your article, I have been very impressed. It has provided a lot of innovative ideas for my thesis related to gate.io. Thank u. But I still have some doubts, can you help me? Thanks.
Thank you for your sharing. I am worried that I lack creative ideas. It is your article that makes me full of hope. Thank you. But, I have a question, can you help me?
I may need your help. I’ve been doing research on gate io recently, and I’ve tried a lot of different things. Later, I read your article, and I think your way of writing has given me some innovative ideas, thank you very much.
The point of view of your article has taught me a lot, and I already know how to improve the paper on gate.oi, thank you. https://www.gate.io/id/signup/XwNAU
The point of view of your article has taught me a lot, and I already know how to improve the paper on gate.oi, thank you. https://www.gate.io/ja/signup/XwNAU
Thank you for your sharing. I am worried that I lack creative ideas. It is your article that makes me full of hope. Thank you. But, I have a question, can you help me? https://accounts.binance.com/pt-BR/register-person?ref=WTOZ531Y
Thanks for sharing. I read many of your blog posts, cool, your blog is very good. https://accounts.binance.com/sl/register?ref=IJFGOAID
Your article helped me a lot, is there any more related content? Thanks! https://www.binance.com/de-CH/register?ref=VDVEQ78S
Thanks for sharing. I read many of your blog posts, cool, your blog is very good. https://accounts.binance.com/zh-TC/register?ref=WTOZ531Y
Your article helped me a lot, is there any more related content? Thanks! https://accounts.binance.com/ka-GE/register?ref=JHQQKNKN
Your article gave me a lot of inspiration, I hope you can explain your point of view in more detail, because I have some doubts, thank you.