One of the most misunderstood aspects of estate planning is the difference between wills and trusts. Although speaking to an estate planning attorney is the best way to comprehend the differences, there are a few simple facts that can help you clarify the issue.
The key differences between wills and trusts
Whereas a will goes into effect after your death, a trust becomes valid as soon as it is made official. Therefore, you can distribute your assets before your own demise. When you create a will, you appoint an executor to handle the affairs after your death. They will likely be involved in the probate process, which takes time. But trusts have trustees who hold the title to the property and there is no probate process.
A will covers property that’s under your name. However, a trust only covers property that has been placed into your trust. If you forget to include anything in your trust, it will not be given to your beneficiary.
If you’re wondering which option is right for you, speak with an estate planning attorney in Joliet, Illinois. Contact Granholm & Gynac today to learn more.