Trust is a legal agreement, which is made in front of you (grantor), and trustee (third party including attorney and beneficiary). It can be considered as a good replacement against regular wills. This is often done under the supervision of a trust attorney in Northville, MI. It is also referred to as living trust as the agreement is being made when the grantor is alive. Scroll below to know difference between a trust and will.
How will differ from a trust
A will like a trust is a legal contract as well stating on how the grantor wants his/her property and other assets to be managed or distributed after your death. While creating a will, you need to pass through probate (a legal process wherein your will needs to be submitted in court to come into process). Even will is a cost-effective alternative for many individuals.
Once the will goes into the court for probate, it is the main responsibility of the attorney and lawyer to manage the estate. The court is then to decide on dividing your assets as per specified into the will by supervising you on how to run estate. On the contrary, trust is an agreement made by grantor to transfer his/her property to beneficiaries. Trusts are bit costlier in order to manage and prepare everything beforehand.
Even Trusts are free of probate procedures and offer complete privacy to individuals. Although wills and trusts are quite often used in conjunction, yet there are wise differences between the two. Getting assisted by a trust attorney in Northville, MI can make you understand the benefits, limitations and other things about the two. Here are mentioned some of their advantages and disadvantages so that you can opt for the best.
Which is the best – Trust or Will?
Trusts since can be made upon your survival gives you the opportunity for supervising transfer of property to your heir. Again, with living trusts, you have option to choose in between irrevocable and revocable trust. While opting for irrevocable trust, you need to think on carefully as you cannot change the contract. If tried to change then it might consume much of your time.
On the other hand, revocable trust can be transformed into a new one. For example, you are not satisfied with your beneficiary or might have second thoughts, etc. Under such circumstances, it is good to seek advice from your trust attorney in Northville, MI as he/she can suggest you with the best idea. Hence, choose the one, as you feel suitable between irrevocable and revocable trust.
Will takes on long time to come into process. It (will) is particular in nature stating who you want to transfer your property or other possessions. Probate proceedings kill good time and in most of the cases, grantors are not able to see their will. Comparing the two, it is quite clear that trust is always better than will. If you are not on a budget, it is advised to opt for the trust. However find yourself and then decide on.
Wade A. Myers, P.C. can give you with a desired trust attorney in Northville, MI in Novi, MI.