Clinton Wills & Trusts Attorneys Helping Clients Preserve Their Legacy in Clinton, MS
Wills and trusts are important estate planning tools that can help you have greater control over what happens with your assets after you pass away. Learn the key aspects of wills and trusts and see why working with an estate planning attorney may be extremely helpful when creating or updating your estate plans.
What Is the Difference Between a Will and a Trust?
A will is a legal document in which you may record your wishes for how your assets should be distributed among your heirs after you pass away. It has a list of beneficiaries and details about who should receive what, as well as who will be your personal representative. Assets in a will require going through probate court before being distributed.
On the other hand, a trust is like a container for all the assets you place in it. It is created during your lifetime, and you may add and remove assets as you please. It provides you with greater control over how assets are distributed, and once you pass away, the beneficiaries of the trust can automatically receive the assets meant for them. You can decide if a beneficiary will receive a lump sum or smaller payments over time, for example.
Can a Trust Be Used to Avoid Probate?
A popular goal among estate planning clients is to be able to avoid the hassle of having their estate go through probate court. Fortunately, trusts enable you to have assets transferred to trust beneficiaries (in accordance with trust terms) shortly after you pass away without the need for probate.
In addition, trusts can be used to accomplish a wide variety of estate planning goals. Some types of trust can help you safeguard the future of a loved one with special needs, while others can offer you potential estate tax savings or protect your assets from Medicaid estate recovery. Ask an attorney to see if a trust is the right choice for you.
What Should Be Included in Your Will?
Besides your basic information such as name, birth date, address, etc., your will should also include a list of your beneficiaries and a list of your assets, as well as instructions on how you want them to be distributed. You may also want to name someone as the executor or personal representative of your estate and include guardian designations if you have any minor children. You can also add your wishes for who should care for your pets after you pass away. However, it is not a good idea to include funeral instructions on your will, as it is often not read until several weeks after you pass away.
Do You Need an Attorney to Create a Will or Trust?
It is recommended that you work with an attorney to create estate planning documents such as wills and trusts, as they often need to be customized and tailored to your unique needs. At Rundlett Law Firm, PLLC, our estate planning attorneys can help you with the process of writing your will, creating a trust, and taking care of any other estate planning documents you may need. Contact our Clinton, MS office at (601) 353-8504 to get started.