Planning For Your Future Via A Will And Trust
Do you want to protect your loved ones after you’re gone? Ensure your wishes are carried out? Various estate planning options are available to do just that.
The Differences Between Wills And Trusts
Wills and trusts are both documents used for estate planning. These tools will help you protect your assets and transfer them to loved ones when you are gone. There are significant differences between the two:
In simple terms, a will is a legal document that details how a person’s affairs are to be handled once they have passed away. In a will, you will name guardians for children and pets, designate where your assets will go and detail final arrangements. This is all done via the probate process after you pass away.
The biggest difference between wills and trusts is when they become effective. While wills become effective after the individual has passed away, a trust is effective immediately after signature and funding. Trusts provide more flexibility and control over how your assets are distributed, and they come in different forms. Trusts are also created to avoid probate.
If you are looking for an attorney with experience handling wills and trusts in Houston, our legal team at Bowen Law Firm, PLLC can help. Our goal is to save you time, money and stress in the future by creating a solid plan.