Wills and Trusts are both legal documents that protect an individual's final wishes regarding how his personal property will be distributed in the event of his death, and are a common part of elder law. While both documents are similar in nature, there are differences in the details that most people should have a thorough understanding of before deciding which one best suits their situation.
Individuals Can Manage Their Affairs With Living Trusts
Living Trusts are used to manage any property and assets that an individual owns during their lifetime. These can be altered at any time during the lifetime of the person that created the trust and will only become final in the event of their death. These documents are commonly drafted by lawyers who specialize in elder law. You can also hop over to http://www.voyantlegal.com/ website if you want a legal advice on the estate plan.
The individual that is creating a trust has the ability to manage his own trust as long as he is deemed to be mentally and physically competent. In the event that this person is no longer willing or able to manage his own Trust, a previously chosen Trustee is granted permission to make all decisions from this time forward.
Living Trusts are not subject to probate proceedings and courts will not automatically supervise disputes among beneficiaries. There are no public records for trusts, and the details remain private.
Trusts often cost quite a bit more to prepare and manage, but the savings will be apparent when the estate is not subjected to probate proceedings.