Fishbein Law Firm, LLC

Wills & Trusts

Wills and trusts can each be used to transfer your property when you die, but they are very different estate planning tools. A will becomes effective when you die, while a living trust becomes operative immediately upon its creation. A trust can be used to manage your to manage your estate while you are alive. Trusts are more flexible than wills and don't generally require formality of execution at each point of action. If you own real estate in more than one state a living trust can help avoid probate in two different states. A will becomes public when it is filed in probate court, while a trust remains a confidential instrument. Living trusts avoid the formal probate process thereby allowing almost immediate access to your estate assets.
For these reasons the use of living trusts make sense for most people. These trusts can connect to your current estate plan by use of a "pour-over" will. Other trusts such as the irrevocable life insurance trusts can create additional tax-free benefits to your loved ones. Tools such as charitable trusts and gifts to minors are available as additional techniques.

If you are interested in having Attorney Fishbein draft your will and/or trust, please contact us today.