Will vs. trust What's the difference

1. Will vs. trust: What's the difference Trusts are legal agreements that protect assets and direct their disposition according to their owners' wishes. Trusts can be used during the lifetime and after the creators' death, while wills are effective upon death. Wills and trusts may be used together or separately to provide effective estate planning. This article will discuss how estate planning attorneys can help your heirs. Wills A will is a document that outlines how your assets are distributed to your beneficiaries and heirs after your death. You can also include instructions regarding matters after your death, such as the appointment and caretaker of minor children and directions for funeral and burial. An executor can directly establish a trust or

2. appoint a trustee to hold assets for specific persons. This could include minor children until they turn majority or at a certain age. A will must be signed as required by the state. The legal process for its implementation is required. It would help if you filled it with the probate court of your jurisdiction. A Bradenton attorney can help you with this. Your designated executor will execute it per the guidelines you decide upon. Public access to the document is available through the records of the probate judge, which oversees the execution and has jurisdiction over all disputes. Grivas Law provides services for any Bradenton family looking to protect their assets. The attorneys are located in Bradenton, Florida. Trusts Trusts allow the transfer of assets from the trustor (or grantor) to the trustee. They establish the terms of trustee management, distributions to beneficiaries, and final disposition. The trustee is a fiduciary and must manage trust assets according to the terms of trust documents. Trusts are not like wills that affect the death of the grantor. Instead, they become effective when assets are transferred to them. A "living trust" may be established during the grantor's life. A trust can also be a "testamentary" trust created following the grantor's death by directives in his will. They are often used in estate planning to benefit and distribute assets to the grantor's heirs. Grivas Law specializes in trust services. The attorneys are extremely experienced and will provide all Bradenton residents with top-notch customer service. Bradenton attorneys can create trusts to serve multiple purposes before or after the death. Grantors can create revocable trusts during their lifetimes to modify, amend or

3. terminate at any point. The trustee of a revocable trust may be the grantor. The grantor can continue to be the owner of trust assets for tax purposes. A trust document may provide instructions for the management and transfer of trust assets. It can include instructions for a successor trustee in the event of a grantor-trustee being disabled or dying. The assets of a revocable trust are exempt from probate. However, the assets of a revocable trust are included in the grantor's taxable estate because the grantor still controls the trust. This may sound confusing, but the attorneys at Grivas Law are here to help you find the best option for your situation. A trustee manages irrevocable trusts on behalf of the grantor. The income from trust assets does not count as income for the grantor. The transfer of assets from a grantor to an irrevocable trust can protect assets from creditors if it is properly structured. For more information, please call our attorney's office in Bradenton, Florida for more information. Trusts for Special Purpose Estate plans can be used to provide for your heirs and to make arrangements to support charitable causes or address special family circumstances. Some rules govern the creation of trusts. Both federal and state laws provide guidelines. Charitable trusts are one type of trust that is commonly established during the lifetimes of grantors. Trusts for Special Needs Concerned individuals about the financial well-being of persons with disabilities should consider setting up a trust. Bradenton's attorney can set up a trust to provide support for specific purposes. Still, it does not affect their eligibility for federal or state public assistance programs such as Supplemental Security Income (SSI) or other

4. benefits. These trusts must comply with complex federal and state laws. Consult legal experts to ensure their creation and operation do not result in the disqualification of beneficiaries. General Tips for Estate Planning Estate planning is often viewed only for those with significant assets, but it is something that everyone should address. Even if you have only a few assets, such as a home, bank accounts, IRAs, or 401(k), you want to ensure that they are transferred to the right people and that your plans are done with efficiency and minimal expense. A Bradenton attorney can help you with this. Trusts, Retirement Accounts, and Lifetime Gifts Other legal arrangements may be available that will allow you to transfer assets directly to your heirs. You can explore your options with a Bradenton attorney. You may also be able to create a trust to hold your assets, make future transfers, designate beneficiaries for retirement, or give funds during your life. These arrangements allow the property to be transferred without going through probate. These arrangements allow you to transfer property without the assets going through probate. Intestate death (death without a will) is when the probate court assumes jurisdiction and appoints an administrator to determine what happens to your assets, property, bank accounts, and securities. It also decides if your minor children are guardianship based on intestacy laws in your particular state. This can cause long court battles, delay property allocations, and substantial expenses for your heirs or beneficiaries. Call an attorney for further information. In addition, Bradenton residents should consider Grivas Law's services.

5. Power of Attorney You may also want to consider giving a loved one the ability to manage your assets if you become incapacitated. You can choose the extent of your agent's authority to best care for your needs. You can also set up Limited Powers of Attorney to care for specific matters or oversee specific transactions. We look forward to meeting with you throughout the Sarasota Bradenton area. Please call (941) 251-6030 or e-mail us at grivaslaw@gmail.com for a free consultation.