- Authored by: Michael L. Rutkowski
The two most basic estate planning tools are Wills and Trusts. Many people do not understand the differences between these two tools, and in this short article, I hope to clarify some of the key differences for you.
As mentioned in our post earlier this month, a Will is a basic document that gives you the ability to say who gets your assets upon your death and who will make sure that what you have instructed actually happens. Some of the problems with utilizing a Will include that a Will is fairly easy to contest, it still requires probate court involvement, and it is a public document for anyone to view, as it is recorded with the probate court. A trust avoids these pitfalls.
A revocable living trust is created during an individual’s lifetime and is “funded” with an individual’s assets. (We will discuss the concept of "funding" in later posts.) Once funded, a trust provides much greater control of an individual's assets and provides the following benefits:
In the coming weeks, we will discuss each of the above-mentioned benefits in greater detail, which will enhance your understanding of the differences between a Will and a Trust and give you the knowledge needed to make the best planning decisions for yourself and your family.
Call (248) 792-9193 or fill out the short form below. We will usually respond within 1 business day but often do so the same day. Don’t hesitate, your questions are welcome.
We respect your privacy. The information you provide will be used to answer your questions or to schedule an appointment if requested.
© Copyrights 2022. Rutkowski Law Firm: Our Asset Protection & Estate Planning Law Firm Office in Bloomfield Hills, MI. All Rights Reserved.
The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. Contacting us does not create an attorney-client relationship.