Estate planning can be confusing. You’ve heard a number of different terms regarding estate planning and conflicting advice on what to do. Now, you’re not sure if you should use a will or a revocable living trust.
Here’s some information on the two so you can figure out which one is the best for you and your family.
The Definition of a Will
A will is a legal document that shows who will receive a deceased person’s property. Without it, then the next-of-kin could automatically receive your assets through the courts. Your loved ones will need to go through the probate process if you only have a will. An executor will ensure the will is carried out and distribute the assets. The probate process could take up to two years, and creditors could find out about it and come after the assets since probate is public. Additionally, your estate will have to pay court fees.
The Definition of a Revocable Living Trust
A revocable living trust is where you store your assets. You can modify it whenever you want by naming yourself as the trustee, and when you pass, your loved ones can avoid having to go through probate. You can also name successor trustees, who will manage the trust when you die (or if you become incapacitated). Trusts are costlier than wills to set up, and there is a lot more work required to start it.
Contacting Legacy Law Group
If you need help creating a will or revocable living trust, you can contact the estate planning attorneys at Legacy Law Group in Eastern Washington, Spokane Valley, and Spokane itself. Get in touch with us at (509) 315-8087.