Wills and Trusts are interconnected legal tools used to manage and distribute a person’s assets and wealth. Depending on your goals, both can be important documents to achieve your desired outcome.
Wills are legal instruments that tell the courts how you want your assets to be distributed, who you want to put in charge of administering your estate, and who you want to name as guardians for minor children. It is important to note that a Will does not avoid probate but uses the court process to manage the administration of the Will. Further, once a Will is filed with the courts, it becomes part of the public record and reduces the privacy of your planning.
A complete Estate Plan generally includes documents for your potential incapacity, such as Financial Powers of Attorney, Health Care Power of Attorneys, and Living Wills. These documents authorize another individual to step into your shoes to make financial, medical, health, or end-of-life decisions if you are unable to make those decisions for yourself.
