To Will or to Trust
The law can change, quickly, and it is important to keep up with these changes – whether you are using a living will or a living trust. It lays out, first, the key difference between a living trust and a living will – the former is a private document and can’t be scrutinized by the public. A living will can, and most likely will, be “hashed out” in probate court, for all of the world to see. A living trust, on the other hand, is not handled in a public setting, and so the affairs of you and your family are not available for public consumption.
An attorney used as a source in the article explains that too many people think their affairs are in order by having a living will set up, when they aren’t. The point is driven further – wills are out of date and are not capable of offering the same level of protection that a trust can. This dissonance is believed to have come as a result of the fact that wills are a well-known phenomenon whereas a trust is not as familiar among the average person. This article strives to impart upon us the knowledge and familiarity of a living trust – from how they can help your inheritance avoid probate court, to when it is best to set one up, to the importance of having the proper legal documentation in order.