Wills or Trusts? What Works For You

Fork in the roadDeciding between a will and a trust is often the first question that comes to mind when thinking about estate planning. A decision between setting up a will or a trust, depends on factors that are best made with the advice of an estate planning attorney. A will or trust may work for you depending on your individual needs and an attorney can guide you to the right decision when they learn what those needs are.  

In the meantime, there are other big decisions to make, according to the Knoxville City View in "To Will or To Trust."

A will and a trust require deciding who should carry out the directions in the documents. In a last will, that person is called an executor. In a trust, that person is called a trustee. Sometimes, people decide who should fulfill those roles, without thinking about it very much.

They just pick someone they know and like. If an executor or trustee is not an appropriate choice, it can be harmful to any estate plan, regardless of what type of plan it is. The people in these roles need to be financially responsible and must be willing to take their roles very seriously. It is also helpful, if they get along with everyone the last will or trust is designed to benefit to avoid any potential conflicts.

An estate planning attorney can advise you on the use of a wills and trusts in estate planning, as well as looking carefully at appropriate candidates before making a decision.

Reference: Knoxville City View (May 4, 2018) "To Will or To Trust."

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