The thought of death is frightening for many. But what’s even more frightening is not knowing what will happen to your loved ones’ futures once you are gone. While many people choose to avoid estate planning, the sooner you prepare for the future, the less frightening it will be.
The best way to provide for your family’s future is by creating a trust. But how do you get started?
For decades, the Pennsylvania estate planning lawyers of Fellerman & Ciarimboli have been helping clients in Philadelphia, Scranton, and Wilkes-Barre with trust creation. We understand how difficult this situation can be. That’s why we will take the time to walk you through the process and make sure your family’s future is protected if something should happen to you.
Understanding the Difference: Trust Vs. Will
Many Pennsylvanians believe that if they have either a will or a trust, then they do not need the other. However, that isn’t necessarily the case. It’s important to understand where these two estate planning documents differ to ensure you have what you need to best support your family.
In general, people create a will to avoid intestacy laws. By having a will, you can determine how real and personal property, and other assets will be divided to whom you chose. It also allows you to designate who will care for minor children should something happen to you.
A trust is an advanced estate planning tool. Whether the trust is used to manage property during your lifetime or to replace and supplement a will, it’s a useful legal tactic when wanting to avoid probate.
There is more than one type of trust, but to understand the types, we need to first know what a trust can do.
What is a Trust?
In estate law, a trust is used to distribute the property or finances to a selected individual after a person dies. The purpose of a trust is to make sure the selected person is cared for after someone passes away. For example, take the case of chef Anthony Bourdain. He created a will in 2016 which made his wife at the time the executor. Bourdain then created a trust outside of the will for his daughter which had the bulk of his estate. You can learn more about the case here.