Throughout your lifetime, hard work and dedication will result in financial success. So, when it comes to financial planning for what happens to your money after you pass away, the earlier you start making decisions, the better. Having a plan can help make the process easier for not only you but your family members as well. Our estate planning lawyers in Rockford, Il will make the process as straightforward and easy-to-understand as possible. Here are some major differences between a will and a living trust.
What is a Will?
To ensure your loved ones receive the assets that you want to give to them, a will is necessary to help determine who gets what. This legal document not only distributes your property in whichever way you choose, but it also sets plans for the care of any minor children. In order to increase the likelihood of your wishes being fulfilled upon your passing, it is important that your will is in writing and signed by both yourself as well as witnesses. If this does not occur, there is less of a chance that your wishes will be met. Our estate planning lawyers in Rockford, Il can help you with this process.
There are different types of wills, and not all of them will meet the necessary qualifications to be carried out. If you have questions about which will is best for your needs, our lawyers will meet with you to help determine what is best.
What is a Living Trust?
A trust is different than a will, but there are some areas of overlap. A living trust helps determine your property management both during your lifetime as well as after you pass away. This fiduciary agreement allows a third-party trustee to manage assets on your behalf. The specific terms of a trust are dependent on what assets you want to pass to beneficiaries. Benefits of trusts include having specific control over your wealth, meaning you get to determine when and to whom any distributions are made. Trusts also help protect your legacy from beneficiaries who are not qualified to manage money. Privacy and probate savings are another benefit of living trusts.
You might feel intimidated about setting up a will or a living trust, but at the Crosby Law Firm, our estate planning lawyers in Rockford, Il are well-versed in this area. Contact us today to get started.
