Estate planning is crucial as it ensures that a person’s assets will be distributed at the time of his or her death in accordance with the person’s particular wishes.
Erin Searcy Law is willing to work closely with you to either update your existing plan, or to develop a customized plan which addresses your circumstances.
A will is an individualized, commonly utilized estate planning document which sets forth the creator’s specific wishes concerning how he or she wants for assets to be distributed upon the creator’s death, and who will be responsible for the distribution. A will is the simplest way to establish an estate plan, and it is given no legal effect until the person passes. A court process, known as a probate proceeding, is necessary in order to give the will effect.
A trust is an artificial entity created by a person, known as the settlor, in which a trustee is designated to manage and use property which has been put into the trust. In the trust instrument, the settlor can designate specific beneficiaries to whom he or she wants for the trust assets to be disbursed. There are many different types of trusts which are utilized for varying reasons, and the pros and cons of each should be considered in light of the person’s specific circumstances.