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Do I need a Will or Trust?

Posted on: August 10th, 2015

A Will is the legal document that allows you to distribute your property to those you choose. However, a Will has to go through Probate Court which can be very expensive and time consuming. Furthermore, a will comes into play only after you die, while a Trust comes into play while you are living as well. While a Will may be a great start to a basic estate plan, many may want to consider setting up a Revocable Trust instead. A Revocable Trust replaces your Will and does not have to go through Probate Court. While a Will becomes public record, a Trust remains private. Furthermore, a Trust takes care of your financial affairs while you are living, for example, in the event that you were to become incapacitated. A Trust can also save you on estate taxes, and protect your children's inheritances from ex-spouses or creditors. It is important to speak with an experienced estate planning attorney to create an estate plan specific to your needs
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