Should I Use A Will, Trusts Or Both?
Two of the most common tools for distributing assets to beneficiaries are wills and trusts. While these are similar, they also have critical differences that you should understand before implementing them in your estate plan.
Our attorneys at Galloway and Collens, PLLC, can help you understand the fundamentals of wills and trusts and how you should use each of them. With 50 combined years of experience in Michigan estate and probate law, we have drafted, reviewed and administered thousands of wills and trusts. We explore your options thoroughly so you can maximize the preservation of assets and mitigate probate.
Wills Vs. Trusts: What To Know
Wills and trusts are legal arrangements that allow a testator, in the case of a will, and a grantor, in the case of a trust, to pass assets to designated people. They differ in the following ways:
- Wills: Fundamentally, your will is a set of instructions. It tells your executor and beneficiaries how to go about distributing your assets, including the funds in your trusts.
- Trusts: A trust is a fiduciary arrangement that allows a trustee to handle money or assets for your beneficiary. Unlike wills, trusts do not have to go through probate.
The ideal arrangement for your estate plan is to create a last will and testament and use it in conjunction with appropriate trusts, so there is a guaranteed source of funding in the trusts. This allows the designations in your will to be carried out fully.
Ask Us More About Trusts And Wills
Deciding how to use a will and trust in your estate plan is not something you should consider without a lawyer. When you speak with us over the phone or in person, we can help you make the best choices for you and the people you love. To request an initial consultation, please call our Detroit office at 248-284-1990 or send us an email.