I am frequently asked by individuals “should I have a will or a trust?” There are many who would prefer not to be bothered by the complexities of property and debts they leave behind, but there are several individuals that do care. A lifetime may have been spent acquiring and accumulating a variety of assets that an individual would very much like to pass down to his or her children and or grandchildren.
In times past, it was not uncommon for an elderly person to gather his or her family and state his or her intentions and wishes concerning the distribution of their assets so that they find their way to the rightful beneficiaries, heirs and legatees at the appointed time. If such a family strictly abided by the decedent’s last wishes it is possible all would go according to plan. Unfortunately, life is not simple and neither is the process of passing property down to loved ones.
In today’s modern society, we have the benefit of several estate planning tools. By far, wills are the most popular while trusts are not too far behind. Additionally, insurance policies and some astute business planning can be, under the right circumstances, used as effective estate planning tools.
For most individuals their estate planning needs can be satisfied by a will, a trust or a combination of the two.
While a will and or a trust can effectively assist one in meeting his or her estate planning objectives both devices are not without their respective pros and cons. At a later time, I plan on returning to this topic with more information. However, while there are no absolutes, there may be an answer to the question posed at the beginning of this article, and that is an resounding, “yes!” You should have either a will, trust or both.”
About Andre Wrighte
Andre Wrighte is solo practitioner who focuses his practice on helping his clients to find solutions to problems by advising, counseling and representing them in matters concerning business planning and formation, corporate-related issues, commercial and real estate transactions. André also represent clients in commercial litigation proceedings, real estate transactions and estate planning/probate practice. For more information visit http://www.wrightelaw.com, call (773) 273-9815 or awrighte@wrightelaw.com. Find his blog at The Wrighte Law here.
Disclaimer
The author disclaims all liability and recommends that the reader consult with a competent attorney. Do NOT rely on this article or posting. This article or posting does NOT establish an attorney-client relationship nor does it constitute legal advice.
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