What To Know About Wills And Trusts In Washington
When people think about estate planning, the first thing that comes to mind is often a will. And while that can be a foundational document, trusts are another valuable option – and, contrary to popular belief, you don’t have to be wealthy to take advantage of a trust.
At the law firm of Kathryn D. Resnick, Attorney at Law, I can help you decide which options are best for your situation – a will, trust or both. I’m Kathryn Resnick, an estate planning lawyer committed to putting your needs first. I draw on nearly two decades of experience to help people put a solid estate plan into place, gaining peace of mind about the future.
Will Versus Trust: What’s The Difference?
A will is a document that sets forth your wishes regarding property distribution after your death. It also allows you to designate a personal representative to manage your estate and guardians for your minor children.
The major downside of a will is that your estate will have to go through probate court to validate the will and distribute your assets. That process can be contentious, and it results in headaches, expense and hassle for your loved ones.
A trust, when done properly, allows you to accomplish asset distribution without the need for probate. Trusts give you more flexibility in distributing assets. For example, you can designate that assets be held in trust for your minor children until they reach a suitable age. They can also provide tax advantages. There are numerous types of trusts, and it’s important to talk with an attorney about which types will accomplish your goals and wishes.