Many Americans fail to consider the importance of estate- planning. In fact, a 2020 study showed a 25% decrease in end of life planning since 2017 among elder populations. The experienced attorneys at Maginnis Howard create comprehensive wills and trusts for a range of clients. Whatever your estate-planning needs- we can help.
A Trust is a legal arrangement through which one person called a “trustee,” holds legal title to property for another person, called a “beneficiary”. A Trust usually has two types of beneficiaries. The first type receives income from the trust during their lives. The second type of trustee does not collect anything from the beneficiary until his/her death.
A Will covers any property that is only in your name when you die. A Will does not cover property held in joint tenancy or in a Trust. A Trust covers only property that has been transferred to the Trust.
The biggest difference between the two estate planning agreements is timing. Specifically, a will directs who receives your property at your death and appoints a legal representative to carry out your wishes. A trust, however, can begin distributing property before or after death.
Both Wills and Trusts are important steps in the estate planning process.
We advise anyone considering creating a will or trust may wish to speak with an estate planning attorney. A lawyer will review your situation and create an enforceable estate plan that handles your assets according to your wishes.
If you are seeking an estate planning attorney in North Carolina, you’re in the right place. Maginnis Howard can answer your questions regarding estate planning, wills and trusts.