Estate planning is an ongoing process, and a necessary one to ensure that all assets are handled appropriately and to prevent bequeathing legal hassles or struggles to beneficiaries. The two most common pathways of trust and estate planning in Bartlett are living trust or a will. There are serious and significant differences between a living trust and a will, and a Bartlett trust and estate lawyer can help clarify those differences and help you or a loved one decide which pathway is best.
Both wills and living trusts are about naming beneficiaries of your estate—your entire asset pool—and how you would like to allocate your assets if you have multiple beneficiaries. As your financial situation and assets as well as your needs and preferences are likely to change many times during the course of your life, both wills and living trusts can be changed with the help of a trust and estate lawyer. A living trust is also referred to as a revocable living trust because of the fact that the terms and conditions can be altered, even though it can in some cases be difficult to do so. However, some people in Bartlett may want to create irrevocable trusts, which can also be established with the help of a trust and estate lawyer. An irrevocable trust is what it sounds like: a trust that has been created and that cannot be amended. People with valuable assets and properties may want to opt into an irrevocable trust mainly because they help the beneficiaries avoid paying estate taxes—which cannot be avoided with either a revocable living trust or a will.
A revocable living trust has one main advantage to beneficiaries: there is no period of probate. The reason why many people choose a living trust is specifically to eliminate the hassles and expense of probate, which refers to the transfer of ownership of all wealth, assets, and property. When a living trust is established that process has already occurred.
