Estate planning can be such a vital and useful tool. An estate plan can outline the exact wishes of an individual in the event of death or incapacitation. However, many families are not sure how to begin the process, who to reach out to or who to trust.
A will is a document that dictates who will receive your property in the case of your death and also designates a legal representative to carry out your wishes. A will only cover property that is in your name when you pass, excluding property in a trust or other tenancy. The administration of a will is overseen by a court. In a will, you may name a guardian for children and specify funeral arrangements or express any other wishes that you chose.
What is the difference between a will and a trust? To start, a will passes outside of probate and is not generally overseen by a court. This can save time and money. Unlike a will that goes into effect after death, a trust can distribute property before death, at death, or after.
The St. Charles Estate Planning lawyers at Suddarth & Koor, LLC are committed to helping our clients with all their legal needs. Our experienced attorneys can guide you through the complex probate and estate planning process and help you create a comprehensive estate plan that meets your specific needs and objectives. Contact us today to schedule a consultation.