There are two general types of estate plans. The first is a will-based plan and the second is a trust-based plan. Under a will-based plan, the will is the foundation document and that serves to distribute your assets when you pass away.
Under a trust-based estate plan, the trust is the foundation document and it allows you to control your property while you’re alive and also distribute your assets and property once you pass away.
With a trust, you have a lot more control than you do with a will in terms of how your assets and property are distributed to who they’re distributed and when they’re distributed.
So if you’d like to be in control of your distributions after your death,and make sure that a court does not get involved with the distribution of your assets, then you need a trust-based plan.
If you have questions about planning and how to set up a comprehensive plan to protect yourself and your loved ones, please contact us on our contact page.
