Two of the most important tools you can use in estate planning are wills and trusts. A will is a document that stipulates how to distribute your property following your death. A trust is a legal arrangement in which a third party administers assets for a beneficiary. When you die, the assets pass to the beneficiary automatically and without the need for probate.
The team at Jennifer D. Sharpe, P.A., understands the need for a will and a trust. Every adult over 18 should at least have a will to inform the state and their surviving relatives of how to handle their estate. We can help you create these documents so you can rest assured once they are in place.
What Are Some Options For My Will?
There are several types of wills, but you only need one. When creating your will, you can choose the type that suits you best.
- Simple wills: These documents simply make arrangements for any minor children you have, appoint an executor and distribute your assets.
- Testamentary trust wills: In these wills, you can put some of your property in a trust for certain beneficiaries.
- Living wills: Also called advance directives, these do not distribute your property, but issue your directives for medical treatment.
The type of will you choose will depend on the complexity of your estate, your wishes for medical care and the needs of your beneficiaries.
What Types Of Trusts Are There?
You might consider:
- Revocable living trusts, which you can control and alter during your lifetime
- Irrevocable trusts, which you cannot change
- Asset protection trusts, which can shield your assets from the claims of creditors or former spouses
- Special-needs trusts, which can help a child or adult in your life who has special needs keep their government benefits, but also receive an inheritance