There are two confusing views when it comes to the difference between wills and trusts among most people. In fact, many people are not even aware of the differences between the two as they feel that wills and trusts are one and the same. It is here that the experienced and skilled services of a civil litigation attorney will help you as he or she will ensure that you will get the help that you want without any kind of doubts or confusion at all.
Dan DeKoter Lawyer- What is the Key difference between a Will and a Trust?
When it comes to the difference between a will and a trust experienced civil litigation attorney Dan DeKoter says that the will and the last testament of the deceased only goes into effect after the death of the person- this means the person that has written it. When it comes to a trust, it comes into effect the moment it is created and signed. The Dan DeKoter lawyer team says that when it comes to wills and trusts many people are not sure of how each of them work and this is why they take the onus to explain the difference between the two in simple terms. However, if you create an irrevocable living trust you will not be able to change it. When it comes to other wills and trusts you have the freedom to change them as long as you are mentally fit to do so he says.
He also says that the property that each covers will be different from one another. The will covers that property that is owned in the name of the testator and this also includes tenancy that is in common. It does not cover assets that is passed directly to the beneficiary either by the law or via contract. They include life insurance and joint tenancy that is created with survivorship rights.
You will find that a trust will manage and govern property that it has been funded by the grantor that is the individual that creates the trust. This can include life insurance and other policies that is in the name of the trust and not the grantor.
When it comes to wills, you will find that they need probate for the property to be transferred to the living beneficiary. However, in the case of a trust a probate is not needed at all.
The Dan DeKoter lawyer team says that when it comes to wills and trusts, it is important for you to be aware of the differences. A good lawyer will explain to you the basic differences between the two and what the legal implications are when you wish to create them for your loved ones after your death or during your lifetime. It is crucial for you to always consult an experienced and credible lawyer who is well versed in the niche to avoid confusion and get the reassurance that after you no longer exist in this world, your loved ones are financially safe.