Private Trusts and Wills in Estate Planning: Best Ways to Secure Your Legacy

There is no point in denying that, in a world full of expectations and uncertainty, it is essential to secure and protect your loved ones and safeguard your legacy for future use. A holistic estate plan helps attain that. It ensures that your beneficiaries will have and need everything they need for years to come, even after you pass away. The estate planning options include both wills and trusts, etc. But what exactly do these terms mean? Let’s discuss in brief below the manifold advantages of private trust and wills and their role in estate planning, etc.

 

 

 

A private trust can be referred to as a legal arrangement where a person, or the settlor, transfers assets to a trustee to manage for specific beneficiaries, typically family members. One of the major benefits of a trust is, in most cases, a trust does not have to go through probate court. This means your trust cannot be challenged and will not become part of the public record. One exception is a testamentary trust, which can be included in your will and would become quite effective upon approval by the probate court, etc.

 

Whereas will is different. It is a legal document that helps direct how a person’s assets need to be distributed to beneficiaries after their death, appoints an executor and may name guardians for minors, etc.

 

Key Features of a Will
Defining and creating a will is quite straightforward. It is a major way to specify a variety of personal and financial decisions, like choosing guardians for minor children.

 

Probate
When you have a will, it goes through a court process called probate. This step makes sure everything is in order and the assets are distributed according to your wishes. It can take some time and may involve costs, and because it's a public process, others can see the details. Writing a will can be costly, depending on some complexities and legal fees, etc.

 

A trust, especially a living trust, can be set up and managed during your lifetime, allowing you to see how it functions and make adjustments as needed.

 

Summary
The blog covers facts on private trusts and wills and how they can help you secure your legacy while moving forward.