Implementing Wills And Trusts To Protect Your Assets And Legacy
Wills and trusts are two important aspects of estate planning. The contents of your estate and your long-term goals will help determine how best to use each in your estate plan. At Randle & Randle Attorneys At Law, LLC, in Greenbelt, we will carefully assess your estate, listen carefully to your goals and find an approach that fits your needs.
Creating A Strong Will
Wills are the foundations of most estate plans. In order to be effective, however, they must be comprehensive and detailed. As your attorneys, we will help you draft a will that leaves no room for doubt. With more than 25 years of experience, we know what details to include and what language to use to make sure your will stands up against challenges.
Avoiding Probate And Taxes With Trusts
Trusts can be used to both avoid estate taxes and avoid probate. By placing your assets in trusts now or creating stipulations in your will that form a trust upon your death, you can save your heirs from hassle and headache. While there are numerous types of trusts, two are most commonly used.
A revocable trust, also known as a living trust, is one that you create while you are alive. You have the ability to modify it at any time or revoke it completely if you wish. Although a revocable trust will avoid probate, creditors may be able to access its contents and there are no tax savings.
An irrevocable trust, on the other hand, cannot be changed or revoked by you or anyone else. It can avoid probate and sometimes be used to avoid taxes.