Don’t Neglect the Need for Wills and Trusts Near You
We should always plan for the future, no matter what it brings. That also means being prepared for the worst. Unfortunately, unforeseen (or expected) life events can lead to the passing of loved ones. However, with thought put into estate planning beforehand, a loved one’s passing can be dealt with in an organized manner. If needing help putting together wills and trusts near you, count on Buxton & Collie, LLC for guidance.
What Does a Will Do?
A will is one of the most crucial documents in estate planning. If there’s only one thing you do to prepare for your or a family member’s passing, ensure it’s the writing of a simple will. As such, you can expect a will to:
- Define Your Wishes
- If there are specific wishes or desires you have in the wake of your death, you can make these wants known in your will. For example, a will allows you to establish inheritors of your assets, clarify concerns over power of attorney, designate guardians for children, etc.
- Organize Your Assets
- A will is one way you can keep track of your assets before and after your passing. Your assets (or your estate) include any wealth, property, or valuable possessions you’ve acquired. Additionally, your estate includes the debt you might have accrued.
- Provide Guidance
- The time after an individual’s death can be challenging for surviving family. And to complicate matters further, the division of an estate must be partially managed by a probate court. A will can help with the complexity of asset division by giving beneficiaries and probate court a clear (and legal) outline of an estate and its inheritors.
What Does a Trust Do?
Trusts are similar to wills in several ways. However, the key difference between a will and trust is the specificity of trusts. Several advantages of trusts include:
- Reduction of Fees
- Wills, unlike trusts, are public documents that must still progress through probate court. On the other hand, trusts are private to the estate they were crafted for. In being private, trustees have more control over a trust’s assets while avoiding some of the steeper fees and taxes associated with probate law.
- Precise Control
- Placing assets in a trust gives the grantor more control over how wealth and property are kept or distributed. Depending on the terms designated by the grantor, a trust might only be accessible after specific requirements are met (minors coming of age, the passing of a named trustee, etc.).
- Preferred Choice for Large Estate
- Overall, wills and trusts both work to meet the same goal: the successful division of an estate. To this end, trusts are preferable for those with more assets to protect (although wills are still crucial to estate planning).
Talk with Our Team
No matter your age or wealth, estate planning is an essential service you shouldn’t go without. Buxton & Collie, LLC can help put together wills and trusts near you when you’re ready to finalize planning for you and your family’s future. To learn more about estate planning or our other legal services for business and real estate law, contact us today at 843-606-2397. Also, we are located at 940 Jonnie Dodds Blvd, Ste 100, Mt. Pleasant, SC 29464.