The Difference Between a Living Trust and a Will
Many people are not well prepared for their future. They don’t want to think about future so they don’t have a plan for their retirement. They also don’t want to deal with their death so they just go about living ignoring it.
However, that is not the best course of action. You should have a will or a living trust to ensure that your assets get divided the way that you want them (even if you don’t feel like you have very much). This is especially true when you have children. You need to make sure that they will be taken care of, in the event of your death.
It can be hard to start planning for your future. You may be wondering if you need a will, a living trust, or even both. So, what is the difference between a will and a living trust?
A will, which is much more common, is a legal document that plans out how to distribute your assets to others once you are gone. You will have to name an executor who will have to oversee this whole process after your death.
On the other hand, a living trust starts while you are still living. It is still a legal document but it transfers your assets into a trust. While you are alive, the trust is yours and, once you are gone, it gets transferred to other beneficiaries who are called successor trustees.
Both wills and living trusts have benefits so it will be up to you to decide what you want and need. It is important to talk to someone about each so that you can decide how you want to proceed. Don’t hesitate to contact us to make sure that you are prepared for the future. You don’t want someone else to decide the fate of your assets.