Trusts and Wills Attorney Paris IL – Bates Law Office – 501 Jackson Avenue – Suite 2031 – Charleston, IL – Call 217-512-1847
Trusts and wills share some similar components but there are some significant differences between them as well. Ultimately, each are a ways of directing who shall receive your property. They simply carry out your directions in different ways, with each presenting its own advantages.
Trusts and Wills Attorney Paris IL
One key difference between trusts and wills is when and how they go into effect. A trust becomes effective as soon as it is signed and funded. A will, on the other hand, doesn’t take effect until after you die.
It might be easier to view a will as the more “simple” type of document. A wills enables you to:
-Name a guardian for your children.
-Direct where your assets will go after your passing.
-Provide specific instructions regarding your final arrangements.
Although it’s typically a more basic process, a will’s simplicity does present a few drawbacks to consider. For instance, while a will provides some control over distribution of your assets, there are some limitations. Also, a will is more likely to end up going through probate after you die.
Trusts are usually more complex but still provides some advantages:
-Provides more control when it comes to distribution of your assets.
-Applies to any of the assets held in the trust.
-There are several types of Trusts and Wills Attorney Paris IL that can meet your specific needs and goals.
It’s helpful to note that after creating a trust, you’ll also need to provide funding for it by transferring some of your assets into it. This makes the trust the “owner”. This makes trusts more complicated to set up. Trusts are frequently utilized to minimize or entirely avoid the probate process.
Call our law firm to talk with a Trusts and Wills Attorney Paris IL at 217-512-1847.
