Wills & Trusts

Trusts

A trust is a legal document that spells out rules as to how the property held in the trust’s name is to be managed. These written instructions can provide important legal benefits. Some of the main objectives for trusts are to reduce the estate tax liability, to protect property in your estate, and to avoid probate.

Many Types of Trusts

There are a variety of different Trusts you can have. The more common two types of Trusts are a Revocable Trust and an Irrevocable Trust. A revocable trust is one that may be amended, modified or revoked during the lifetime of the Grantor. An irrevocable trust is exactly the opposite as it is not able to be amended, modified or revoked.

Each persons and family needs are different. We recommend sitting down with one of our Estate Planning Attorneys for a complimentary consultation to determine which type of Trust is best for your specific situation.

Wills

A Will, most commonly known as a Last Will and Testament should provide clear details of what you want to happen with your property and other issues at the time of your death. One of the primary differences between a Last Will and Testament and a Trust is that property passing under the terms of a last will and testament requires probate to legally transfer to living beneficiaries. Wills become a matter of public record when they’re submitted to the court for probate. The terms of a living trust remain private.

A will can only govern the transfer of property owned in your sole name at the time of your death. A Will cannot address assets that pass directly to a beneficiary by contract, life insurance policies or joint tenancies with rights of survivorship.

To determine if a Will is appropriate for your needs, please seek the legal counsel of the Estate Planning Attorneys at Bell Law Firm. Our consultations are complimentary and strictly confidential.

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