Wills vs Trusts: Which is Right for You?
Everyone should have an estate plan in place, especially those with a significant amount of assets. Unfortunately, many of the rich and famous die intestate - that is, without a will. This often leads to complicated legal battles, with a large portion of the assets going to the state and lawyers. There are two main estate planning documents to consider: wills vs trusts. David J. Siscel is a Scottsdale lawyer who can help you make the right choice.
A will contains information about how you would like your property distributed upon death. You can use it to appoint a guardian for any minor children you may have. You can change your will before you die, so you can add or remove beneficiaries or assets, as needed. The main concern with a will is that is must go through probate and the contents are public, so anyone can see who is going to inherit what. But, a will is quick and easy to draw up.
A trust allows a person to put assets in the care of a trustee so that the beneficiary can receive when the person who establishes the trust dies. Many people choose a trust because it is more private and it offers more options. For example, you can use it to set guidelines as to when beneficiaries (such as minor children) can receive certain assets. You can also use a trust for tax planning purposes. Setting up a trust is more complicated than preparing a will. There is a little more work up front, but that just means that it is easier for your successor trustee when the time comes to distribute the trust assets.
Make a Decision
Estate planning can be complicated to attempt on your own. With more than 20 years of experience managing his own estate planning practice, Scottsdale lawyer David J. Siscel can help you decide between wills vs trusts. Give his office a call at (314) 740-3341 or visit www.djslawgroup.com