There are a variety of scenarios in life that may seem difficult to think about, let alone plan for. Once a person comes to grips with the idea of passing on and decides to implement a plan for the future, with a multitude of strategies to consider, he or she may find it difficult to distinguish between the options. For instance, some individuals in Massachusetts might not be aware of the differences between estate planning options such as a living trust and a will.
A living trust and a will are both estate planning options that pertain to the management and distribution of one’s assets. However, there are a variety of differences between these two options and understanding these differences could prove vital to making informed choices. With a living trust, one may choose a trustee to manage certain assets while he or she is still alive and this estate planning option may also allow beneficiaries of the trust to avoid probate.
Alternatively, the terms of a will are not executed until after a person passes away and a will must pass through the process of probate. Unlike a living trust, a will also offers a person the ability to choose someone to act as a guardian to his or her kids in the event of death. Depending on the variables present, in some cases a person may find it beneficial to have both a living trust and a will.
Those who wish to gain a better understanding of the differences between options such as a living trust and a will could benefit from obtaining legal counsel before deciding on a path. An attorney in Massachusetts can address all a client’s questions and concerns and provide guidance on the potential benefits of each available option. This type of advice could prove vital to helping a person make informed decisions and implement an estate plan centered around his or her wishes for the future.