What is better for me?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What is better for me?
I’m single, no kids, incorporated. what is better for me a trust or a will. I’m going to turn 50 next year an unfortunately my brother-in-law past away last night which made me think that it’s time to do something. I’m going to contact a lawyer but don’t even no where to begin.
Asked on December 18, 2016 under Estate Planning, Colorado
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
There is no right answer: it depends on what you want to do. To oversimplify, a properly set-up trust gives you control over how money is used after you pass away, since it is distributed in accordance with the terms of the trust, which can remain in effect for years. A will distributes your assets all at once. (But note: a will can set up a trust, which comes into being only after you pass away.) Say you have a neice or nephew you want to care for and help, but who is young: instead of giving a young, immature person alot of money all at once, a trust, which will pay for living, medical, or school expenses over time is a good idea. On the other hand, if there is a charity you wish to support, you might simply will it the money. Decide what you want to do, then speak with an attorney about how best to do it.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.