Trusts and Wills/Power of Attorney
Trusts and Wills
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What Is the Difference Between Trusts and Wills?
Turn to the attorneys at Law Offices of Adrian S. Andrade & Associates for guidance preparing your trusts and wills. Trusts and wills perform a similar function: they allow you to distribute your assets to the people you want to have them after you die. Legally, they do this in different ways. There are several differences between trusts and wills, but here are three big ones:
Assets in a trust don’t have to go through the probate process, but wills do.
Probate is the legal process of distributing your estate after you die. A court oversees the process to make sure your debts are paid and your final wishes are followed.
Probate court can be expensive and lengthy, which is why some people opt to create a trust. Assets in a trust don’t need to go through probate court, so your heirs can receive their assets much quicker.
Trust proceedings are private, while will proceedings are not.
Probate proceedings are public record, meaning anyone can request and access them. Trusts, on the other hand, are private record, which can be attractive to those looking to protect their heirs’ privacy.
Trusts generally require more maintenance than wills.
Trusts are most useful when they’re kept up-to-date with all your property. This means any time you acquire a new asset — like a home, vehicle, or bank account — you would ideally transfer that asset to your trust as soon as possible. As a result, your trust will need continuous maintenance, since you’ll likely continue to acquire new property throughout your life.
Wills are typically considered “lower maintenance” than trusts. If you have a will, estate attorneys recommend updating it every three to five years, or whenever you have a big life event, such as getting married or having a child.
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The attorneys at Law Offices of Adrian S. Andrade & Associates have dedicated over 40 years of their lives to helping their clients be prepared for the future with comprehensive estate planning. Reach out today and start to plan.
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