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A Guide between a Will and a Trust
Being able to properly secure your future will be one of the most important things and it is always important to have a system that is in place to help you with that. Getting help when it comes to this will be necessary. According to the Center for health statistics, the life expectancy for many of the people in the US is about 78 years. this means that you need to have a very good and comprehensive estate plan, you can put that into place. It is important for you to make sure that you’re going to prioritize creating one. When thinking about estate planning, it is always good to know that you can use wills and trusts because they are some of the most popular tools.
For many people, wills and trusts usually seem to be the same thing but actually, there are major differences between them. You also have to be very careful because these usually serve different purposes. One thing that you would want to do is to make sure that you’re going to focus on learning the differences between the two so that you can know which one to use. One thing that you will always want to do is to make sure that you are going to focus on your assets and you want to ensure that you’re going to apply these there.
When you die, you always want to ensure that your assets are going to be properly dispersed and the only way that this is going to be possible is if you write down your will, this is the reason why people do it. For your relatives, and also your children, you want to ensure that you are going to have a will also, your spouse is going to be protected from that. You can easily leave your assets to your surviving spouse. Having everything properly in place will be important for you especially when you want to make sure that your assets will be properly distributed. Most of the time, you can even include some specific instructions for example, you may want to have some donations to a charity.
You are however going to put up a trust so that you can have a beneficiary that is going to help in the management of property in relation to what you have left for the person that you have considered to be the beneficiary. It is always important for you to make sure that you’re going to focus on proper asset management. Living trusts are also going to be a very good option especially, when you want to give you instructions when the beneficiary will be able to gain access to the assets.