Most people would like to be able to leave behind money, jewelry, real estate, or other assets to their loved ones once they pass, though far too many Americans aren’t even able to comfortably make it through retirement, let alone make it through with money to spare.
People who do have enough money to hand down such inheritance usually structure legally-recognized asset holding vehicles with an attorney’s help. You’ve probably heard of wills and trusts before but might not know their similarities, differences, and ups and downs. Here’s at least a little bit about what you need to know.
The Trust
Trusts are somewhat self-explanatory. Trusts are nothing more than an agreement between you and someone else to handle some or all of your assets in your absence. To truly be a trust, the asset or assets have to be intended for the eventual transfer to one or more beneficiaries.
The Will
Once you’ve passed away, there’s obviously no coming back. As such, if you wish to distribute your assets out after you’re gone, you should meticulously craft a detailed will well in advance with a qualified and professional wills and trusts attorney in Moline, IL. Wills, just like trusts, are both enforceable in courts of law. Wills also tell survivors how end-of-life affairs should be carried out in addition to the distribution of other assets.
Tips for Wills
Have kids? If so, you probably hope the best for them. As such, make sure your will lays out exactly who gets guardianship of them. If not, it’ll be time to attend probate court to have a court-appointed parent to take care of them. When it’s time to execute a will, a judge is responsible for instructing people how to carry it out. Trusts, on the other hand, are carried out by trustees, who you appoint yourself and who don’t need any credentials.
To better understand these two legal instruments, get in touch with a professional wills and trusts attorney in Moline, IL, to help you prepare for your future.
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