If Will and Trust have operated as interchangeable vocabulary terms for you up to this point, today’s member presentation would’ve shown you that you’re not rare in that thought—but it’s also not correct. Maybe you did know there was a difference between the two, but remain unaware what it is?
Today, our newest member George Remy of George Remy Law delivered a well-structured oral presentation outlining exactly these differences. In short:
Will
A legal document stating official intent for the passing of assets and possessions, but one that still needs go through probate court for full certification upon death if a Trust is nonexistent.
Trust
A legal entity that takes full possession of ones’s assets upon death and disperses them to beneficiaries through trustees, according to schedules and rules predetermined by the grantor, or initiator of the Trust.
From this we see that these two ideas are not only non-interchangeable, but they also are not opposing, and should be complimentary parts of a well-organized estate plan too.
Trusts are typically thought of as more advanced, or exclusive to those with greater fortunes, but really their benefits are manifold for anyone with any assets or people they care about still left behind:
- All Trust information is confidential to the public, and only available as relevant to trustees and named beneficiaries.
- Having a sound Trust can help family bi-pass probate court completely in the wake of a hard loss.
- Rules can be set around dispersement for the maximum benefit of maturing, ailing, or disabled beneficiaries.
- Beneficiary tax burdens can be lessened with spread-out dispersement.
While the benefits are great, starting a Trust is easy. Connect with George at georgeremylaw@gmail.com to get started today.
To connect with local businesses and hear or potentially deliver more informative and useful presentations like George’s, visit one of our meetings any time and consider becoming a member too!
