Whether or not you need a lawyer to help you draft a will depends on the nature and complexity of your assets.
When preparing a will, it is important for you to meet basic procedural requirements, such as making witnesses sign the necessary documents. With some careful reading and research, it is possible to draft a will on your own if the estate is not complicated.
However, if your estate is complex and involves significant assets, it would be best to have an estate planning attorney on your side to ensure that your wishes are executed in respect to the disposition of your property.
One of the most misunderstood aspects of estate planning is the difference between wills and trusts. Although speaking to an estate planning attorney is the best way to comprehend the differences, there are a few simple facts that can help you clarify the issue.
The key differences between wills and trusts
Whereas a will goes into effect after your death, a trust becomes valid as soon as it is made official. Therefore, you can distribute your assets before your own demise. When you create a will, you appoint an executor to handle the affairs after your death. They will likely be involved in the probate process, which takes time. But trusts have trustees who hold the title to the property and there is no probate process.
A will covers property that’s under your name. However, a trust only covers property that has been placed into your trust. If you forget to include anything in your trust, it will not be given to your beneficiary.
If you’re wondering which option is right for you, speak with an estate planning attorney in Joliet, Illinois. Contact Granholm & Gynac today to learn more.
