Estate planning: Knowing the differences between wills and trusts

On Behalf of | Apr 27, 2020 | Probate And Estate Administration

Many individuals in Nevada and elsewhere may feel that one of the most intimidating aspects of planning for the future involves finding the path that best suits their goals and needs. When it comes to estate planning, knowing the differences between options such as wills and trusts could seem somewhat complex at times. Seeking guidance in making informed choices about each available path could be vital to helping a person create a plan centered around protecting his or her interests and preferences.

While in many cases, a person could choose to create both a will and a trust, knowing the differences between these options may still be beneficial. Both wills and trusts can include terms depicting how a person’s assets will be distributed upon death. However, while property divided via a will will be subjected to the process of probate, assets distributed via a trust pass outside of probate.

Understanding the process of probate and how it might affect the outcome of the situation could play an integral role in the decision-making process. Experts indicate that another difference between the two options is that the terms of a will are more likely to be contested, while this may rarely occur with trusts. Experts also advise that there may be a variety of legal aspects one must adhere to after creating a trust.

Knowing the differences between wills and trusts could be vital to helping individuals achieve their estate planning goals. For advice in making informed choices concerning the future, a person in Nevada could benefit from speak with an experienced attorney early in the process. An attorney can provide a client with insight into all available estate planning options and assist in developing a strategy that aligns with his or her needs and wishes for the future.