Wills and Trusts

Do you need a Will and/or a Trust? The short answer is... Yes! But which do you need? Do you need both? Here are a few differences between the two to help you decide.

A Last Will and Testament is a legally recognized document signed by you before witnesses that lists out your wishes regarding your property, whether real or personal, after you pass away. You can nominate an executor (also called a personal representative) to wrap up your affairs. If you have minor children, you can nominate a guardian. There are ways to avoid probating a Last Will once you die (like payable on death bank accounts or real estate deeds granting rights of survivorship) but, if required, a county court will need to be petitioned for your wishes to be fulfilled and enforced.

While there are many types of trusts, a Revocable Living Trust (also called an Inter Vivos Trust) is a great option for managing your affairs during you life and after you pass. Such a Trust is another legally recognized document for holding ownership of your assets (i.e. a house or personal property) during your lifetime. You name a Trustee (usually yourself and, if married, your spouse) to manage your Trust's assets. You also name a Successor Trustee to take control of the Trust after you pass. Once you die, probate is unnecessary for the property in your Trust as the Successor Trustee is immediately in charge of your estate without involvement by a probate judge.

Do you still have questions?

Give us a call at (918) 287-8762 and we can help you determine if a Will or a Trust is right for you.