Be Informed When It Comes To Planning For Your Future
No matter what stage of life you are in, it is never too early to plan for your future, and what comes after you are no longer around. Some of the most common terms that people hear are wills and trusts. While many people hear about these terms, most cannot tell you the difference between the two.
The lawyers at von Keller Thelin want to help clear the air about which document does what. While each document has similar functions, in terms to dispersing your estate, they each have a different purpose.
The Difference Between Wills And Trusts
Most people know what a will is, but it is important to clarify what it does, to better explain what a trust does. A will is a legally-binding document that dictates how to divide the remains of your estate among your loved ones. This can be a very comprehensive and detailed document, that goes into the nitty-gritty of who gets what, or it can be a document that gives everything to one person. We can help you put your wishes into words on paper.
Trusts, on the other hand, pay out when you decide. You can put money or assets into a trust, as well as specify when the contents of a trust pay out, and how. An establishment of your choosing, like a bank, manages your trust, and pays out your trust as you choose. You can set your trust to pay out before, at the time of or even at your death. You can set the payment age to a certain age of a beneficiary (or recipient), or some other date or event. There is a lot of flexibility to a trust, and we can help you tailor yours to your needs.
Plan For Tomorrow, Today
If you are looking to finalize your estate planning needs, or if you do not know where to start, choose an experienced Virginia attorney you can trust to help you. If you are in the Manassas area, contact our office by calling us at 703-257-4845, or email us here. You cannot know what tomorrow holds, but you can prepare for it. Act today to begin your preparation.