Between Trust and Will – which one to choose?
It is a process to settle a large property between trust and will? Trust and will have there own advantages and disadvantages. Trust holds the property of the beneficiary even after his death. A trust saves time and money of a probate, a legal process of transferring the assets or property to next generations. What is a Trust and what are the benefits The main difference between a Trust and a Will is the fact that your property wont go through probate when you die. With a Will the transfer of property takes place at your death and will need to go through the court system, (probate) to determine the legalities of the will and the properties being dispersed. During probate much of the estate is taken by taxes and sometimes attorneys. When you create a Trust you transfer your properties to it while you are still alive and it continues on through your death. It is believed that trusts were started during Roman Empire. trusts are two types. Living Trust Testamentary Trust A Living Trust is created and instated while you are alive. A Testamentary Trust is carried out after your death from instructions given while you were alive. Benefits of a Trust No legal process to transfer the estate or property after you die Privacy of the trust details are not public tax planning is possible in trusts Trust can have creditors protection