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Wills and trusts are an important part of estate planning that can help you control what happens to your assets after you die. A will is a legally binding document that explains how you want your assets to be distributed. A trust is a legal entity that holds and manages your assets to benefit your beneficiaries. Trusts can minimize taxes, protect your assets from creditors, and more.
Penrod Swenson PLLC is experienced with estate planning, wills, and trusts. We would be honored to represent your family. We believe in integrity and always put our client’s best interests first.
A will is a legal document that allows you to specify how your property and possessions will be distributed after your death. Wills can also be used to appoint a guardian for your minor children.
A properly drafted and executed will can help to ensure that your wishes are carried out and can help to avoid disputes among your beneficiaries. A will can also help minimize the amount of taxes and other expenses incurred in settling your estate.
While a will is not required to settle an estate, it can be a helpful tool in ensuring that your assets are distributed according to your wishes. If you die without a will, your assets will be distributed according to intestacy laws, which may not reflect your wishes.
If you have a complex estate, consider consulting with our attorney’s to ensure that your will is drafted correctly and that all your assets are properly accounted for.
Trusts are legal entities that can be used for various purposes, including estate planning. A trust can help you manage your assets during your lifetime and distribute them according to your wishes after your death.
A trust is created to transfers ownership of their assets to the trust. The settlor appoints a trustee to manage the trust assets and follow the settlor’s instructions. The trust’s beneficiaries receive the benefits of the trust assets as determined by the terms of the trust.
A trust can be revocable or irrevocable. A revocable trust has the ability to change or terminated by the settlor at any time, while the settlor cannot change an irrevocable trust once it has been created.
Trusts are used for many reasons, including estate planning, asset protection, and tax planning. Trusts can be complex legal entities, so it is important to seek the advice of an experienced attorney before creating one.
A will dictates assets that will be distributed after you die. A trust holds and manages assets on your behalf. Trusts can be used for various purposes, including estate planning, asset protection, and tax planning.
Differences between wills and trusts:
Finally, trusts can be used for various purposes, such as asset protection and tax planning, which wills cannot be used for. As such, trusts are often considered a more versatile estate planning tool than wills.