You often hear the terms “trust” and “will” used interchangeably in regards to estate planning. But other than the fact that they both have to do with estates, they have little in common. It is important that you know the difference in these two legal documents and what it means for you and your family.
To help clarify, the Law Office of Kenneth J. Nota wanted to dedicate a brief post highlighting a few of the key differences:
Last Will and Testament
A Last Will and Testament is the formal, legal name for what is more commonly referred to as a will. This document allows the person creating the will to establish beneficiaries and distribute property and assets upon their death. This requires the naming of a Personal Representative to administer the estate after the Testator (person making the will) dies.
Dying without a will in place can lead to a number of legal and family issues. Any competent financial or legal advisor would suggest taking care of this chore as soon as possible.
A trust is much different from a will. It operates between a Grantor and a Trustee. In this scenario, a Trustee manages the assets placed in the trust. This is to maximize the benefits for the beneficiaries of the trust. Should the Grantor become disabled or incapacitated, there is usually a clause in the document naming a replacement to manage the trust.
Knowing the difference between various legal terms and services is just one of the many things that you need a skilled, experienced attorney to help with. For all of your legal needs, the team at the Law Office of Kenneth J Nota is here to assist you.
You will find us conveniently located at 1990 Main Street, Suite 750 Sarasota, Florida 34236. You can reach us at our office line by dialing 941-309-5270.