There have been a few times in my life that I have needed a lawyer, and during those times, their help was invaluable. I worked with lawyers during the custody battle for my kids, when I dissolved the partnership for my business and after I suffered an injury at work. In this blog, I plan to write about the law from a range of angles. I may share posts inspired by my personal experiences, what's popular in the news or what strikes my fancy when I'm writing. I have a daughter, Oliva. I manage a medical clinic, and I love blogging. I hope you like the results. My name is Melinda, and thanks for reading!
Estate law can be confusing, especially when it comes to deciding between wills and trusts. Although it's a good idea to consult an expert in estate planning for professional advice on such matters, it also helps to have a basic understanding of the two options. Here's anl overview.
There are a number of things that revocable living trusts can do that wills cannot. Although trusts can apply certain provisions whilst you are still alive, they can also play a part after you have died.
Wills are generally used to make provision for your estate in the event of your death.
Similarities between wills and trusts
Both wills and trusts allow amendments and revisions to be made to them if necessary due to a change in your circumstances. Both documents allow you to specify beneficiaries for your assets in the event of your death.
Both wills and trusts can be written to include sub-trusts that will protect your estate from seizure by creditors in order to ensure that your beneficiaries receive your assets.
As you can see, both wills and trusts could have a place in your estate planning strategy. Have a chat with an experienced estate planning solicitor for more advice on what would best suit your circumstances.Share