Many people have questions about the differences between a will and a trust. Both are legal documents to protect your loved ones and heirs that must be created following specific procedures in order for them to be legally enforceable. These legal requirements vary state by state. In Illinois, wills and trusts can be executed by experienced estate planning attorneys who can help protect you today, and your loved ones in the future, and create a plan that is appropriate for your specific situation and your goals to protect your family in the future. In this video, estate planning lawyer Mario Godoy explains some important differences between a trust and a will.
WATCH: Will and Trusts Lawyer Mario Godoy Explains Three Key Differences Between a Will and Trust
Transcript
In this video, we are going to explain the three key differences between a will and a trust.
Most people know that a will and a trust are ways to pass on your assets to your heirs. Both a will and a trust are legal documents to protect your loved ones and heirs that must be created following specific procedures in order for them to be legally enforceable.
Here are 3 Key Differences Between a Trust and a Will
1. When It Goes Into Effect
The terms of a will go into effect only once you have died. In your will, you appoint a representative to carry out your wishes and manage your estate after your death.
A trust takes effect as soon as you create it. Depending on your wishes, your beneficiaries can receive your assets immediately, in the future, or after your death. The assets of a trust can continue to be given to your heirs for years, even generations.
A will is subject to possible probate, a lengthy court process that is costly and public.
A trust does not require court review and approval, so it can save money, time and privacy.
The contents of a will and the distribution of the estate assets is filed with the court and is public information.
The provisions of a trust are confidential.
There are different benefits of creating a trust versus a will. You need to consider the same estate planning issues for both a trust and a will. An experienced trusts lawyer can examine your situation.
Please contact us today to book a consultation.
DuPage County Trust and Wills Lawyer
If you are planning your estate and have questions about setting up a will or a trust, an experienced estate planning lawyer can advise you throughout the process. To talk to a will and trust attorney in Chicago or Lombard about how to make and store your will, contact the Estate & Probate Legal Group at 630-864-5835.
