Estate Planning: Wills & Trusts
According to Caring.com’s 2023 Estate Planning Study, 2 out of 3 Americans do not have a will or any other type of estate planning document.
If you die without a will, your heirs will have to deal with a complex legal process known as probate, which can significantly delay the distribution of inheritances, sometimes spanning months or even years. Probate involves a thorough examination of the deceased's estate by the court to decide the rightful beneficiaries and, if required, appoint guardians for certain assets.
Cogdill Law Firm can help you prepare a comprehensive plan that provides both you and your heirs with the peace of mind that, in the event of unfortunate circumstances, your wishes and desires will be honored, and your family will be taken care of.
What Are the Benefits of a Trust For Real Estate?
The revocable trust is used primarily as a will substitute, with its key provision being the determination of the persons to receive the trust property upon the settlor's death. Put simply, a revocable living trust is a document that allows individuals to continue to own and control their property while they are alive, then transfer it to whomever they want after they die, all while avoiding probate.
Although the revocable trust provides greater flexibility, the irrevocable trust presents specific benefits, including creditor protection. Opting for a revocable trust would be sensible if you wish to retain personal management of the trust and anticipate potential modifications in the future.
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