Your Estate Plan
Do You Need a Will or Living Trust?
Planning for your future is an important task. A good plan prevents accidental disinheritance and ensures that your family is protected and provided dfor after you are gone.
The decision to create a will or trust depends on your assets, beneficiaries and goals.
Why Create a Will?A will is a signed and witnessed document that describes where you want your property to go. Many people first appoint a guardian to care for minor children in their absence.
A will is also the place where you appoint an executor to manage the administration of your estate. The benefit of a will is that it is revocable, which means you can make changes at any time. However, there are many reasons why you might choose to instead create a living trust.
6 Reasons Why You Might Want a Living Trust1. Preserve Privacy. A will is a public document everyone can read, whereas a trust is private.
2. Avoid Probate. Unlike a trust, a will is subject to probate which can be time consuming and costly.
3. Property Management. Unlike a will, a living trust provides for a trustee to manage your property.
4. Asset Protection. A trust can be created with provisions to protect your assets from creditors.
5. Capacity Planning. A trust enables you to plan in the event you can no longer care for yourself.
6. Dependents. A trust allows you to distribute income to children and care for special needs.
Whether you choose to create a will or living trust plan, there are a number of ways that you can include a charity in your plan and create a legacy to be remembered.
One of the easiest ways to fulfill your charitiable goals is through a bequest. Your attorney can draft language to make a gift of a specific asset, percentage of your estate or the residue (what's left after specific bequests are made to your family). Your estate receives a charitable deduction for the gift.
Another option is to create a tax deductible gift which will provide lifetime income to a family member or friend.
For additional information on planning options or to set up an appointment with a Trust Officer, please call (253) 681-6008 or visit www.wcwilltrust.org.