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What is a Trust? In short, a trust is a contract that governs how assets are to be managed and when cash or assets may be distributed. A trust must contain 3 main elements: 1) a grantor (or trustator) the person(s) or entity that puts assets into the trust, 2)a trustee – the person or entity that makes sure trust assets are managed in accordance with the grantor’s wishes, 3) beneficiaries – the people or entities that receive benefit from the assets of the trust after it has been formed. The trust is the arrangement through which the grantor creates a trust, to be managedRead More →

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What is a will? In short, a will is an estate planning tool that let’s the court know how you want your assets distributed after your death. Since one is no longer living to direct his or her assets, a properly executed will becomes a very valuable resource to indicate the deceased person’s wishes. Wills also setup a person or multiple people who will be responsible for administering the estate and directing the distribution of the assets thereof. This person is generally called an executor of the estate, or a personal representative. While there are a few exceptions, in most jurisdictions, a will needs toRead More →

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Do I Need a Trust or a Will? So you wonder which estate planning tool is better for them – a trust or will? Are you concerned that getting a proper estate planning attorney to write a trust or will may be extremely expensive? Further, when thinking about your own death, considering trusts and wills may be very intimidating. Well, here is a secret – trusts and wills are not exclusive – you can have both a trust and a will. While they are both estate planning documents, trusts and wills serve different purposes. So here is the basic answer: all estate plans should containRead More →