Trusts Wills

Trusts, wills, and other estate planning instruments make it possible for individuals to assert some control over what happens to their assets after they die. An irrevocable trust can actually be created as a gift to a charitable organization and made active while a person is still living in order to garner tax advantages. It can also be set up to not distribute any assets to a beneficiary until the death of the grantor (the person funding the trust). Another option is to have the terms of the trust remain changeable (revocable) during life and become irrevocable upon death. This is called a living trust.

The terms of a will are not enforceable during life. This means the distribution of assets outlined in a will cannot be contested by relatives until the testator dies. One advantage of having a trust in addition to a will is that it is more difficult to contest the terms of a trust. Having a trust set up in advance makes it more likely that a person's final wishes regarding asset distribution will be honored.

Fast Facts

  • President Nixon chose to distribute his estate using a will rather than a trust. This means the details are a matter of public record.
  • A trust will only avoid probate if the assets were placed into it prior to the death of the grantor.

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  • Wills & Trusts Overview

    Wills and Trust Attorneys, Lawyers and Law Firms help people create and revise:...
    • Site: willsandtrustslawfirms.com
  • Wills and Trusts

    Wills and Trusts can be viewed as tools used in estate planning. There is a general misconception that wills ...
    • Site: lawfirms.com
  • Wills and Trusts Books

    Wills and Trusts in a Nutshell  by Robert L. Mennell - West Group - Paperback - 365 pages 2nd ed...
    • Site: willsandtrustslawfirms.com
  • Wills and Trusts Laws

    The following links are sections of The US Code of Federal Regulations (CFR) relevant to the Wills Trusts lega...
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  • Wills and Trusts Internet Resources

    Welcome to Wills & Trusts Law Firms Internet Resources. Here, you will find collection o...
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