What is the difference between a will and a trust?
In both wills and trusts, with the assistance of Chapman Law Group, you can establish plans to provide for your loved ones and you can designate the amounts they receive. In wills, you can also name who you want to serve as guardians and conservators for your minor children. With a trust, you can designate when your loved ones receive the amounts you are giving to them.
Wills are submitted to probate court for oversight by judges and their staffs, whereas a trust is designed to remain private and not subject to probate court, if possible. Trusts, unlike wills, can assist you with asset management during your life, even if you become mentally incapacitated. If you properly “fund” your trust by titling your assets in the name of the trustees of your trust or designating your trust as beneficiary, you can avoid the costs, potential delays and arguments that may arise in probate court. You can also provide for outright distributions or continued management of assets on behalf of your loved ones. With a trust, you can also engage in tax-planning so that you provide more to your loved ones and less to Uncle Sam.