If you're in the process of planning your estate, you've likely come across the terms "trust and will" or "will and trust." Understanding these terms is crucial for a smooth and effective estate planning journey. Let's delve into some of these key terms and their definitions.
Trust and Will
A trust is a legal arrangement where a person, known as the trustee, holds and manages assets for the benefit of others, called beneficiaries. A trust can manage various types of assets, including real estate, money, and personal belongings. On the other hand, a will is a legal document that expresses a person's wishes about how their estate should be distributed after they die. Both these tools serve different functions and can often work together in an estate plan.
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Will and Trust Attorney Near Me
While the phrase "will and trust attorney near me" may be a common search term for those looking for legal advice, it's crucial to remember that 299Trust.com is not a law firm and does not provide legal advice. However, we do provide an accessible and user-friendly platform to create your estate plan and living trust in just five minutes1.
What's the Difference Between a Will and Trust?
One major difference between a will and trust is when they take effect. A will only takes effect after death, while a trust can take effect as soon as it is created.
A trust is also beneficial for maintaining privacy. Unlike a will, which becomes public after death, a trust keeps your assets, beneficiaries, and distribution plans away from the public eye, giving you a higher level of control over your estate1.
In conclusion, understanding the keywords and definitions related to wills and trusts is essential for effective estate planning. And with 299Trust.com, you get a straightforward and convenient way to secure your future.
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