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In this blog post, we discuss whether or not you need a will or trust for your estate plan. We also highlight if you can (and should) file for divorce by yourself.
Why Do I Need a Living Trust Or Will?
Living trusts and wills share a few characteristics, but they are two distinct estate planning tools. Many individuals have preconceived notions that trusts are only for the rich and famous, but every single person needs a will.
The Anderson Law Firm blog lays out the key differences between these estate planning documents so you might come away with a better understanding of each.
Similarities Between a Will and a Trust
Both wills and trusts can distribute assets of the estate planner. The creator of a will is known as a testator, while a trust’s creator is referred to as a grantor. Read more
What a Will Can Do that a Trust Cannot Do:
If you have minor children, you are able to name a guardian for your kids in the event something happens to both parents. Read more
What a Trust Can Do that a Will Cannot Do:
Assets in a living trust do not have to pass through probate court after the grantor becomes incapacitated or passes away. Read more
Conclusion
While the benefits of both wills and living trusts are numerous, there is plenty we did not cover in this blog. For example, many estate planners choose to use both wills and living trusts in tandem to meet their goals. You need to consult with an experienced and knowledgeable attorney to determine which estate planning documents you need.
The Anderson Firm is committed to our clients and goes the extra mile to understand their situations in order to provide premium legal services. Reach out to us soon to book your consultation.
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