In this video, Naples attorney James Nici reviews some common differences between wills and trusts. A Last Will and Testament is a cornerstone of most estate plans but a trust, particularly a revocable trust, has advantages that a will may not offer. If you want to learn more about the use and advantages of each of these powerful estate plan tools, set up a free consultation with Attorney Nici.
Transcript:
What’s the Difference Between a Will and Trust?
The difference between a will and a revocable trust is twofold. First, both documents will dispose of an individual’s assets at death. However, a revocable trust is also operative during the individual’s lifetime, which means it can also avoid guardianship for those assets properly titled in the name of that revocable trust.
Does My Will or Trust Get Filed With the State When I Create It?
A will or a revocable trust does not get “filed ” with the state. However, when someone dies, their will is deposited with the clerk of court for the county in which the individual resided (probate court). A revocable trust is generally never deposited or filed anywhere else.
How Do I Protect My Children’s Inheritance From Creditors or Divorce?
This is a very important question. Many of my clients are concerned that when they pass away and they leave their assets to their children, they’re concerned that those assets may be taken from their children in the form of a lawsuit. Maybe a bankruptcy or even divorce. At our firm, we create what’s often referred to as a creditor-protected inheritance trust, in which case the individuals can decide to whom their assets would go. Presumably, their children and then their children would inherit those assets in a way that’s protected from their creditors or potential future divorce.
What’s the Difference Between a Testamentary Trust and a Living Trust?
The difference between a testamentary trust and a living trust is that a living trust is created while someone is alive, often referred to as a revocable living trust. A testamentary trust, however, comes into existence when the individual dies and is usually created under that individual’s will.
Your Naples Estate Planning Lawyer James R. Nici
If you have questions about creating an estate plan, wills and trusts, or any aspect of estate planning and asset protection, you should contact the Nici Law Firm. As an experienced Naples attorney board certified in Wills, Trusts, and Estates, James Nici can create an estate plan that fits your needs. Contact our office today at (239) 449-6150 or use our web form to set up a free consultation.
