Be prepared, is a statement that we hear very often. In all aspects, it is important that we are prepared for what is going to happen. There are different ways in which you can prepare for disaster, like having food storage ready and on hand, keeping extra water in case of emergencies, or having a Will or Trust in the event that you pass.
A lot of people may think that being prepared is something that they should only do in the event that they are living. This is not always the case. Having a Will or Trust will help prepare your family for what is to happen after your passing. Wills and Trusts are designed so that you can determine what you want to happen with your property and personal items after you are gone.
Many people have Wills and Trusts done once they start to have a family so that their children will be taken care of after their passing. As time goes by, however, it is important to keep your Will or Trust updated. Things change in life, so you may not always want to keep everything the same. Over time, you may have acquired more personal possessions, more or new property, or possibly had more children. Whatever the case may be, you should always keep your Will or Trust up to date so that when you pass your family will know exactly what it is that you wanted.
Deciding if you should have a Will or a Trust is really up to you. There are some advantages to having a trust, however. A trust will allow you to avoid Probate. Probate is a legal process in which assets are transferred and debts are paid. This process can take a long time and can be very expensive. A trust also has the ability to cover things that a Will can’t cover, like retirement accounts, jointly owned property, and life insurance policies. A trust will also remain private after a property owner dies. The only people who are going to know about the trust are those who are beneficiaries and trustee.
Trusts are usually more expensive than Wills because they can be more complicated to create. Making the decision to have a Will or a Trust depends on what is best suited to your needs. While a Trust can be more expensive up front, it could save you and your family money in the long run.
Drizin Law is providing this information for educational purposes only. It should not be construed as legal advice or a legal opinion as to any specific facts or circumstances. This information is based on general principles of Nevada law at the time it was created and you should be aware laws frequently change. Moreover, the laws affecting you may differ depending on the circumstances. You should consult with a qualified attorney in your own state or jurisdiction concerning your particular situation. Review of this information does not create an attorney-client relationship.