The primary difference between a trust and a will is when it becomes active. Wills for example only become active upon the death of the individual that created the will. Trusts on the other hand do not require death to be the trigger for certain actions to take place. They can be active while the owner of the will is still alive.
At Cicero Legal our Wills and Estate Lawyers provide the following:
A will is a legal document that specifies how your assets will be distributed after your death. One of the aspects a will can include is instructions that are to be carried out after your death. These include:
If a trust is required a will can direct the appointed executor to create a trust a appoint a trustee to hold the assets to the benefit of a particular person. One such use case is when there are minor children that assets will be distributed to by the trust at a given age.
If you don’t have a will you will lose control over how your assets are distributed and may not have your wishes are fulfilled. The distribution of these assets will depend on the local states laws, that generally will allocate a large portion of the estate to your surviving spouse and the remainder equally among any children.
Factors that may influence how you would have divided your assets unequally among your heirs will not be considered. The time for these assets to be distributed will be higher and require a qualified adult relative or friend to apply as an administrator. Cicero Legal also provides will and estate planning for Perth.
To ensure that your assets and wishes are carried out how you would want them to be, contact Cicero Legal for a consultation.
A trust is a legal arrangements that provides for the assets for their owner. They will set the terms for a trustee’s management of the assets.
A trust will cover the following aspects:
Types of Trusts:
Call us today to discuss setting up a trust. We’ll be happy to provide you with a free 15-minute consultation.
Estate planning can include both setting up a will and trust as by using both may better suit more complex estates.
But if a trust has been setup without a will, it can present issues with how assets that are outside the trust are handled. For large more complex estates it may create an easier pathway to utilise both a trust and will.
If you need assistance with planning your estate, contact Cicero Legal’s professional lawyers for a consultation.
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