When planning for the distribution of assets upon their death, deciding on a will or a trust can be a difficult decision. At Turner Law Offices, P.C. we have guided clients in making the right decision, and have developed estate plans for hundreds of Nashville area clients over the past 20 years. No one should put off the decision and be without at least a simple will prior to their death. Without a will, assets will be distributed by the court based on the law of intestate succession and such distributions may not be what the deceased had in mind.
A will directs a personal representative to distribute a deceased’s estate in a specific manner; a trust also outlines disposition of a person’s possessions upon their death, but generally transfers the property during that person’s lifetime to the trust. The trust, therefore, may help heirs minimize or even eliminate state and federal taxes on the estate. Trusts, while sometimes more costly to draft than wills, may also avoid substantial probate costs and fees.
Both wills and trusts provide a mechanism to distribute a person’s estate to desired recipients upon death. The basic differences between a will and a trust are set forth below.
At Turner Law Offices, P.C., we can answer your questions about estate planning and help you set up a will or trust that suits your plans.