DO I NEED A WILL OR A TRUST?
Many potential estate clients struggle with deciding if they need a simple Will or a Trust. Each document fulfills specific needs and is appropriate under different circumstances.
Why a Simple Will?
If you want to ensure that certain specific bequests are followed, execute a simple Will. A simple Will is most appropriate for:
- Individuals who have simple bequests.
- Individuals who own less than $800,000 in assets.
Why a Trust?
A trust allows you to maintain control beyond the grave. Trusts are most appropriate when minor children are involved, or young adults who are still finding their way, to ensure that their money is distributed in a manner that limits their ability to dissipate it. Trusts are also ideal for individuals who have been diagnosed with a serious illness which will impact their capacity to care for themselves to protect their assets from unscrupulous individuals.
- Individuals who have complicated bequests that would take years to fulfill, such as incrementally distributing assets to minors.
- Individuals who want to leave real property to multiple people.
Should you need assistance with the preparation of a Trust, or an amendment to an existing Trust, please contact The Hopkins Law Firm at 571-248-2210.
Michelle Hopkins and her team at The Hopkins Law Firm have the experience and skill required to prepare estate work as efficiently as possible. Please contact their office today at 571-248-2210 for more information.