Twenty years ago, when Jim and Sandy were 45 years old, they went on their…
When completing your estate plan, one of the biggest decisions you will make involves leaving a living will or trust. While they both have many similarities regarding distribution of property and naming beneficiaries, there are also stark differences between the two that could have a significant impact on how assets are distributed. To learn more about these differences and which is best for you, put your confidence in Fairfield NJ estate planning lawyers at the Law Offices of Faloni & Associates.
Revision of Documents
If you create a living will or trust, both allow you to make revisions as your circumstances change, such as getting married or having children. However, it is important to note that if you create an irrevocable trust, it cannot be changed once finalized. Therefore, if you are considering this as an option, ask for advice from trusted and experienced Fairfield NJ estate planning lawyers.
If you want to avoid probate, creating a trust will allow you to do just that, while a will is required to pass through probate court. As a result, property can often be distributed to beneficiaries much quicker through a trust.
Greater Privacy After Death
Once you die, your will becomes a public document, and thus can likely be viewed by anyone who wishes to do so. However, a trust will not be made public, thus allowing you to keep your affairs much more private if you so desire.
Protection from Lawsuits
If you want to lessen the chances of a court battle over your estate, create a trust. While many people have successfully challenged wills in court, few have success when doing the same toward a trust.
Since each person’s situation is unique, many factors will come into play when deciding between a living will or trust. Therefore, always consult with the Law Offices of Faloni & Associates.