While both wills and trusts are the most commonly used estate planning vehicles to pass on wealth and other assets to your loved ones, putting your home in a trust has several distinct benefits compared to using a will. However, each family's circumstances are different. This is why your Personal Family Lawyer® will not create any documents until we know what you need and what will be the most affordable solution for you and your family—now and in the future—based on your family's conditions.
As you already know, but may not have given much thought about, the most important inheritance you provide is so much more than the money you'll leave behind, but also includes your wishes, insights, stories, and experience. That's why, this year, we invite you to ask your loved ones the 32 important questions that can reveal a wealth of valuable life lessons - family treasures to discuss and share with generations to come.
You've most likely heard people mention a couple of different types of wills when it comes to estate planning, and the most common is a "last will and testament," or known as a "will." But you may have also heard people talk about what's called a "living will." Both terms describe important legal documents, but their purpose and how they work are very different. We'll discuss some of the most critical things you should know about living wills and why it's essential in every adult's estate plan.
If you have children from a previous marriage, and you become incapacitated or die, leaving everything to your new spouse or partner, there is almost certain to be some conflict (whether spoken or not) between your children and new spouse. You can avoid all of this (and even use the estate planning process to build stronger bonds with those you love) by having clear planning in place that has been discussed with your children and your new spouse or partner.
If you are a single parent, life for you right now probably couldn't get any busier. You are likely being pulled between work, school activities, and home - and the inevitable emergencies that fill the lives of single parents everywhere. It's a huge responsibility, even if you do share time with a parenting partner, and especially so if you don't. Regardless, as a single parent, your children's lives are now largely in your hands, and the best way to protect them is through estate planning.
Wills and trusts are two of the most commonly used estate planning documents. Both documents are legal vehicles designed to distribute your assets to your loved ones upon your death, but the way in which they work is quite different. To know the best way to determine whether or not your estate plan should include a will, living trust, or some combination of the two, meet a Personal Family Lawyer for a Family Wealth Planning Session.