All adults in Greensboro, North Carolina should take the time to create a last will and testament. But just because you create a will that doesn’t mean you can stop your estate planning efforts. Wills are necessary pieces of any estate plan, but they are not capable of meeting all of your needs. At the very least you will also want to create a revocable living trust that will go hand-in-hand with your last will and testament. Here is why.
A last will and testament is excellent at performing a range of tasks. For example, only through your will can you appoint a guardian who will care for your children should you die while they are still young. You can also determine who will inherit your property after you die, but using a will to do this is not the most efficient way.
Living trusts are excellent because you can use them to distribute your property after you die while avoiding the requirement of going through probate. Any property you leave in accordance with a last will and testament will have to go through probate for new owners take possession. A trust allows you to bypass this process.
If you create both a trust and a will, you can be assured that you’ve done everything you can to make it easier for your family to inherit your property after you’re gone. Your will can serve as a safety net for your living trust, distributing any property that you didn’t transfer to your trust, while the trust becomes the main way you determine inheritances.
You can learn much more about living trusts at our next free seminar on Tuesday, May 14th. The seminar will be held at the O. Henry Hotel in Greensboro, North Carolina and will last from 6:00 PM to 7:30 PM. Contact our offices for registration details if you are interested or just want more information.