Wills and Trusts: Definitions and Disputes
When thinking about your future or planning your estate, you’ve probably come across the terms ‘Will’ and ‘Trust.’ On the surface, they have very similar meanings and they both set a plan for future outcomes. Learn about the similarities and differences of these two estate planning tools. If you are involved in a dispute over a will, trust or estate, or any inheritance issue, contact our expert team of lawyers in Gainesville. This can be a difficult road to navigate. We can help you get the best outcome.
What is a Will?
A Will is a simple document that, in its most basic form, allows you to put in writing what should happen after your passing. A Will can indicate a guardian for your children and/or pets, and it can also direct some of the asset distribution, such as which friends or family members get which of your assets. A Will also lets you spell out your final arrangements, such as any directives you may have for a funeral.
A primary obstacle of a Will is that it provides limited control over your assets. Issues that are not clear may need to enter into legal proceedings after your passing.
Living Will
Another type of Will is a Living Will. This details any medical treatment, or lack thereof, that you desire in the event you are no longer able to express this information outright. It also specifies your wishes for end-of-life care.
What is a Trust?
A Trust allows you, the grantor, to transfer your assets to it prior to your passing. This makes the Trust the owner of any assets, giving you more control over not only how your assets are distributed, but when. Additionally, a Trust lets you make specific determinations on inheritance, such as indicating percentages of assets divided between specified individuals as well as the handling of estate taxes.
In contrast to a Will, a Trust could remove all or most of the questions associated with your assets, thus minimizing the need for legal proceedings after your passing.
When a Trust is created, it is often accompanied by a Living Trust. This names a person to manage the Trust while the grantor is still alive. The manager, or trustee, has the grantor’s best interests in mind. Note that many grantors often decide to also be the trustee and continue to manage assets until no longer capable. Living Trusts can be changed while the grantor is still alive and able to make decisions.
Can You Have Both?
In short, yes. You can have both a Will that indicates things like guardians for your children, basic distribution of assets and funeral arrangements as well as a Trust that indicates specific instructions on how to handle your assets after your passing. You can also pair these with a Living Will.
Have Questions? We’re Here for You
Disputes over a will, trust or estate can involve challenging the interpretation of a will, making claims against trustees for breach of fiduciary duty and other property entanglements. The Gainesville lawyers of Avera & Smith handle claims related to improper gifting, transfers before death and joint accounts, as well as areas of undue influence and questioning the capacity to make changes to wills and trusts. We know you have more questions surrounding the specifics of your situation. Don’t hesitate to contact us today for a free consultation.