Friday, August 19, 2016

Wills, trusts - when planning for estate

Wills and revocable living trusts are both common terms in estate planning. Both apply to distributing assets, but although the two are sometimes related, they serve very different purposes. A will provides instructions about distributing property after a person’s death. Most living trusts are “revocable” because they can be changed along with circumstances or wishes, and they are “living” because they are established while a person is alive. A will only goes into effect when you die, while a trust takes effect as soon as you create it. Whether you need one or the other depends on many individual factors that are best sorted out by an estate planning professional. Stephen Lane, an estate and trust attorney, says there is no simple estate. “Everybody has complexity,” he says.

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