Educate Yourself On The Differences Between Wills And Trusts
When you get to the point in your life at which you need to plan your estate, you will learn that it’s important to understand the differences in the types of benefits you can set up for your loved ones. There is a lot of ground to cover, and an experienced attorney can help you understand what you need based on your unique situation.
Here at Rapa Law Office, P.C., we are a team of Pennsylvania attorneys who are dedicated to helping you secure your future. We have extensive experience in the estate planning process and can answer any questions you may have as well as help you set up or modify your estate plan. But what you should know first are the critical differences between a will and a trust.
Wills Vs. Trusts
While both wills and trusts are established for the purpose of distributing assets to loved ones, they do not work in the same way. Wills go into effect only after you have passed away. The document that you create for your will specifies who receives your property upon your death and it also appoints a person to carry out these wishes. Wills also go through the probate process, which means that a court will oversee the administration of the will to ensure that it is valid and distributed properly.
A trust is an account that can be initiated while you are alive or after you have passed on. When establishing a trust, you appoint a single person or an institution, such as a bank or law firm, to hold the legal title. You then designate the beneficiaries who will receive income from the trust, as well as contingent beneficiaries in case your first choices are no longer alive to receive the benefits when the time comes. With a trust, you are not required to let a court oversee the process, which saves you time and money to execute it.
Let Us Help Make The Right Choices For You
When you are trying to plan your estate, it can be hard to know what you need to do or even where to start. If you are ready to secure your future for your friends and family by either planning your estate or modifying your current plans, contact our office in Lehighton to schedule your initial consultation today.