Wills and Trusts

How are wills and trusts similar? How are wills and trusts different? Here are the answers to these basic questions.

Similarities Between a Will and a Trust

Will

In a will, you name your beneficiaries, the person or people you want to receive your property upon your death.

In a will, you appoint someone (the Personal Representative) to be in charge of the will upon your death and to follow the directions in your will.

You can change your will.

Trust

In a trust, you name your beneficiaries, the person or people you want to receive your property upon your death.

In a trust, you appoint someone (the Successor Trustee) to be in charge of the trust upon your death and to follow the directions in your trust.

Your can change your revocable trust.

Differences Between a Will and a Trust

Will

Wills do not avoid probate. With a will, property that you own only in your name will go through the probate court process upon your death and will pass to the beneficiaries you named in your will.


Trust

Trusts avoid probate when the name of the trust is connected to the assets you own. Property that is in your trust will, upon your death, pass to the beneficiaries you name in your trust and will not go through the probate court process.


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What happens if an assets is only in your name and not connected to your trust? Click here for information about The Purpose of Your Pour-Over Will.

Click here for information about how to Avoid the Uncertainty of Payable Upon Death Accounts.

We are always pleased to answer your questions and to assist you regarding estate planning. Please call us (313) 584 1460 if you have any questions or to make an appointment.