What is a Will and What is a Trust?

Jul 26, 2023

What is a Will and What is a Trust?


When it comes to estate planning, one of the most important decisions you will make is deciding whether to use a will or a trust. A will is a legal document that outlines how you want your assets to be distributed after you pass away. It also names an executor who will be responsible for carrying out your wishes. A trust, on the other hand, is a legal entity that holds your assets and is managed by a trustee who is responsible for carrying out your wishes.


What is a Will?


A will is a legal document that outlines how you want your assets to be distributed after you pass away. It names an executor who will be responsible for carrying out your wishes. The executor is responsible for gathering the assets, paying any outstanding debts, and distributing the remaining assets according to your wishes. A will is also used to name a guardian for any minor children.


What is a Trust?


A trust is a legal entity that holds your assets and is managed by a trustee who is responsible for carrying out your wishes. A trust can be used to manage assets while you are alive, or it can be used to manage assets after you pass away. When you set up a trust, you name a trustee who will be responsible for managing the trust assets and ensuring that they are distributed according to your wishes.


What are the Advantages of Each?


When it comes to estate planning, both a will and a trust have advantages.


Advantages of a Will

A will is a relatively simple and inexpensive way to ensure that your assets are distributed according to your wishes. It is also the only way to name a guardian for any minor children.


Advantages of a Trust


A trust is a great way to manage and protect assets during your lifetime and after you pass away. A trust can help you avoid the costs and delays of probate, and it can also be used to protect assets from creditors and taxes.


Why Should You Consult an Elder Law Attorney in Melbourne, FL?


When it comes to estate planning, it is important to consult with an experienced elder law attorney.  An elder law attorney can help you understand the different options available to you and can help you make an informed decision. An elder law attorney can also help you draft a will or trust that is tailored to your individual needs and goals.  Contact Rhodes Law today and protect your loved ones by planning your estate!



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