Understanding Estate Planning Tools
Estate planning can be stressful and difficult under any circumstances. However, planning how your estate is going to be distributed is a necessary step. At Lavin & Parisi, Attorneys at Law, our goal is to use our experience to help you through this time by focusing on your needs.
One of the biggest confusions that people have in estate planning is the difference between a will and a trust. Since these are the two primary tools in estate planning, having a strong understanding of how they work is essential. To help you with this understanding, our firm has put together a short guide on the difference. This is not legal advice, but rather a primer that will help your understanding in our conversations.
What Is A Will?
A will is a document that describes your wishes for your possessions after you pass away. It is a straightforward list. Money, property and anything in between is distributed, and debts are resolved. Once a will is carried out, its work is done.
What Is A Trust?
A trust is a tool that designates a person or entity as an administrator of the estate, which then distributes the estate according to rules and a specific plan. Trusts can last essentially indefinitely until the basic goals of the trust are met or the estate is exhausted.
How Do I Decide?
By contacting our firm, we can help you work through the important questions about your estate and help advise you on your decision. Contact a lawyer at our firm today for your no-strings-attached initial consultation by calling our Crystal Lake, Illinois, office at 815-261-4894. You can also schedule the consultation through our convenient online form.
More In This Section:
- Child Custody
- Family Law
- Alimony/Spousal Support
- Post-Divorce Modifications
- Estate Planning