Having a trust or a will is a way to plan for how your property is distributed after you die.
A living revocable trust is a method of avoiding probate, which is the default costly legal system if you don’t have a trust. Living trusts are also more private than wills. Sometimes, some trusts can even protect your assets from creditors. If you have children your estate plan can include a plan for who should be the guardian of your children should you become incapacitated or pass away. Your estate plan can also help make plans for special needs children. Your estate plan can also include powers of attorney which help families or individuals take care of financial matters if you are incapacitated or need help managing your assets. Camphuis Law also helps families or individuals make plans for how to make medical decisions for you if you become incapacitated, and how you would like your end-of-life decisions to be made. Doing this ahead of time can save your loved ones lots of heart-ache, stress, and money.
A will is a written legal document that instructs the courts on how you would like your property distributed on your death. It helps to avoid confusion and litigation after your death.
Having both a living trust and a “pour-over” will is usually best for most people. There are other benefits
Can help avoid or reduce certain taxes.
Lets you decide what will happen to your property or children after you die.