January 15, 2020
The Differences Between a Trust and a Will
You may have used or heard of the words “will” and “trust.” Some people believe they are interchangeable, but that is not the case. On the surface, these two documents may be very similar, but they have several differences. A will is used to distribute any property you have after your death. A trust is when a trustee signs over property to another known as beneficiary.
Trusts can start once it is completed, upon a person’s death, or after. A will takes effect after the person has died. There are other significant differences between a will or trust. The Fetty Firm specializes in both of these documents. If you are interested in setting up either, get in touch with the firm today. Rashelle Fetty is the owner and sole attorney at the firm. She can help you decide which document is best.
Major Differences of these Documents
One major difference between the documents is a will only distributes the property under your name. If you have any property that is owned jointly, that will not be distributed. When it comes to a trust, the property must be in the name of the trust to be distributed. Another major difference is that wills go through probate. Probate is when a will goes through court to prove its authenticity.
If there is no will when a person dies, then the court can distribute the property how they like. Wills are not private records since they go through probate. Trusts bypass probate and are remained private. Additionally, trusts are capable of planning for disability or saving for taxes. It cannot specify a specific person or funeral arrangements.
Wills and trusts have their advantages and disadvantages. It is important families know the differences and determine which document is best for them. The Fetty Firm can help clients find the right document for their future. There is a wide range of reasons to choose one over the other. Let Rashelle Fetty help you make that difficult decision.
Choose the Right Document
Get in touch with The Fetty Firm today. You can reach our firm by calling (214) 546-5746. Clients should also visit our pages about wills and trusts. They provide important information that may help you decide which document is better.