Scranton Wills & Trusts Lawyer
Understanding the Difference Between Wills and Trusts Is an Important Step in Forming an Estate Plan. Our Scranton Attorney Can Help.
As you plan for your life and your future, it’s important to consider creating an estate plan. And as part of your estate plan, you’ll need legal documents and arrangements that not only account for the various aspects of your estate, but also serve your best interests.
Two of the most critical parts of an estate plan are the formation of a will and the creation of a trust. At the office of Ernest D. Preate, Jr. Esquire, our skilled Scranton wills & trusts lawyer can assist you.
Wills: An Overview
A will, also known as a last will and testament, is a legal document that outlines how a person’s property should be distributed at the time of their death. In addition to giving directions regarding who will get certain assets, a will is also used to name an executor of the estate (who will be responsible for carrying out the wishes expressed in the will), to express how debts are to be paid, and to name a guardian for any pets or minor children.
Having a will is one of the most important estate planning documents, if not the mostimportant, as a person who dies without a will will have no say over how their estate is distributed. Instead, the state’s rules of intestate succession will apply.
Trusts: The Basics
A trust is very different from a will. Indeed, a trust refers to a financial arrangement between the trustor (the property owner) and a trustee where the trustor transfers assets into a trust, the trustee manages the trust and distributes the assets to the trust’s beneficiaries per the terms of the trust. There are many different kinds of trusts that are designed to serve myriad purposes, including minimizing estate taxes and mitigating the probate process. An experienced attorney can provide you with a more comprehensive overview of the various trust types and which is most appropriate for your situation.
Do I Need Both a Will and a Trust?
Some people choose to have just a will or a trust, but not both, while others use a trust to supplement a will. Whether you need both depends upon your financial circumstances and plans for your estate, but it should be noted that wills and trusts serve unique purposes and are not interchangeable. It is best to consult with an attorney about the benefits of both estate planning tools and how each can best serve you.
Call a Scranton Wills & Trusts Lawyer Today
Creating an estate plan is an important part of planning for your future and the future of your loved ones. As you think about your life and your plans, don’t overlook the advantages of sitting down with an experienced Scranton wills and trusts lawyer to talk about your estate plan today. Attorney Ernest D. Preate, Jr. Esquire has decades of experience representing clients like you, and understands our state’s estate planning and probate laws.