Although a living trust and a will are very similar, they actually have a few defining differences. A living trust is a legal document that allows people to leave property to friends or loved ones. The document is much like a will but has some advantages over a standard will. When someone completes a will, the family must attend probate court so that the wishes of the deceased can be followed. This can cost family valuable time and money. This is only possible if the living trust is fully funded at the time of the family member’s passing. With a living trust, any property that is not specifically designated is transferred to the state. This allows the person to only name possessions they wish to leave in the living trust. Wills And Trusts in Huntsville, AL are prepared by professionals that know the laws and how they apply to each specific situation. They are prepared to offer advice as to which best suits the individuals needs. In certain situations, people may choose to have both a will and a living trust.
A will is a much more detailed document and can do much more than a living trust. For example, a will can name a guardian for children that are left behind by the deceased. This ensures there is no miscommunication of the deceased’s wishes when they pass. They can also name the executor of the will, or someone they wish to handle the business of the estate. Many people believe that a will is only necessary for people of great financial fortunes. This is simply not the case. Regardless of the financial situation a will allows the deceased to fully designate all property to the individuals they specifically choose. Unfortunately, without a will these decisions are made by a court. Wills And Trusts in Huntsville, AL allow people to make these important decisions while they are still in sound mind and body. Long, Flanagan and McDonald, LLC understands the importance of carrying out the last wishes of a family member and creates the documents needed to ensure the proper action is taken.
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