Before someone passes away it is a very common practice to create a will or a trust for your estate and assists to be divided among beneficiaries. But for many of us, we do not understand the difference between a trust or a will. With trust administration, Brooksville residents should know that a person or institution is appointed by a benefactor to administer and distribute the assets of their estate.
A trust is different from a will is that a trust can take into effect as soon as it is created, as opposed to a will which can only be taken into effect once that party has passed away. When working with Trust administration, Brooksville residents get their assets and funds in order for a trustee to administer them to the appropriate beneficiaries. Unlike a will, these wishes can be carried out by a trustee while the benefactor is still alive.
A will covers any property that is only in your name at the time of your death. A will does not cover property that is already in a trust. With the use of a will, probate is a non-negotiable. A count will oversee the administration of the will, first checking to see if it is valid and then property would get distributed in the manner the the deceased intended it to be.
Some other facets of trust administration Brooksville residents should know about are first and foremost, a trust does not need to be carried about by a court. Also, a trust does not have to become apart of public records like a will has to.
On the other hand, Wills can allow someone to name a guardian for a child as well as even specify funeral arrangements; these are things not covered by a trust.
It is also important to note that a person can have both a trust and a will. Usually people would use a trust to start administering assets before they pass away, so it is not so sudden or tedious at the time of death. A will can then be active once a person passes away, creating further diffusing assets among beneficiaries.
*Disclaimer: The views expressed here are those of the authors and do not necessarily represent or reflect the views of Jhonston & Sasser, P.A*