Most people are aware of the importance in having written legal documents regarding the distribution of assets in the event of their death. The question though, is what type of legal document do you need? Most people assume that a will is the only pertinent document, but never underestimate the power of living trusts. While most people assume that trusts are just for wealthy people, this simply is not true. Anyone who has any sort of asset can benefit from creating a legal living trust. About twenty percent of Americans have living trusts, and these number continue to grow.
The Differences Between a Trust and a Will
While a trust and will may seem like they are one in the same there are many benefits to a living trust that a will and testament cannot claim. First it should be noted that a trust can be changed or revoked at any time. Second, a living trust does not have to go through probate after you die. With a traditional will it can take months or even years before your heirs will receive their inheritance. Ny having a legal living trust in place your heir receive their inheritance in a fraction of the time, and in most cases mere weeks.
Professionals Can Help You Decide What is Right for You
If you are interested in learning more about your estate planning options and looking for a living trusts attorney in Moline, IL area contact the law experts at David J. Franks Attorney at Law today. They can help you understand the differences between a trust and a will, and help you decide which is right for your unique financial situation. With decades of legal experience in wills, probate, and trusts you can rest assured that they have seen it all and will expertly guide you in avoiding any potential pitfalls in the case of your death.