Understanding The Roles Of Wills And Trusts
A will is the foundation of any estate plan. It provides directions regarding how your assets should be distributed following your death. If you have young children, a will also designates a guardian to care for them if there is no surviving parent.
A will includes durable power of attorney, which designates someone to make financial decisions on your behalf if you become incapacitated and cannot make those decisions on your own.
A will also designates someone to make health care decisions on your behalf if you are incapacitated and unable to do so. It can spell out your wishes regarding end-of-life care so that the representative you designate is clear about what medical steps you want taken.
What Trusts Do
Trusts are separate entities that provide additional control over your estate’s assets. Trusts are not a component of every estate plan. They are used to achieve a specific objective, such as:
- Avoid probate
- Reduce estate taxes for those with significant assets
- Pass assets to children from a previous marriage
- Supplement the care of a special needs child while making sure he or she still qualifies for government benefits
- Establish a plan for charitable contributions after your death
At Patrick O. Naylor & Associates, P.C., our experienced estate planning lawyers ensure that every client’s unique estate planning needs are addressed. We will take the time to review your situation and explain all of your options so you will feel confident that your estate plan accomplishes all of your objectives.
Learn What These Tools Can Do For You
We welcome the opportunity to review your estate planning needs during a free consultation and recommend an effective path forward. A comprehensive estate plan is a way to show those you love how much you care. Call 972-579-1600 or use our online contact form to schedule a meeting.