Wills and Trusts are both legal documents that protect an individual's final wishes regarding how his personal property will be distributed in the event of his death, and are a common part of elder law. While both documents are similar in nature, there are differences in the details that most people should have a thorough understanding of before deciding which one best suits their situation.
Individuals Can Manage Their Affairs With Living Trusts
Living Trusts are used to manage any property and assets that an individual owns during their lifetime. These can be altered at any time during the lifetime of the person that created the trust and will only become final in the event of their death. These documents are commonly drafted by lawyers who specialize in elder law.
Wills Are An Economical Option For Many People
Wills are legal documents that have been drafted by estate planning attorneys and allow individuals to designate specific beneficiaries that will inherit specific property. Wills are often used in conjunction with a Living Trust, serving as a dictation for dispensing any assets that were not included in the Living Trust. If you need any help regarding estate planning, you can also consult los angeles attorney.
Estate Planning Attorneys Can Determine What Is Right For Their Clients
By having estate planning attorneys carefully analyze each situation before drafting these documents, many people can avoid situations in which their inheritance is the subject of a dispute. Estate planning attorneys are experienced in guiding their clients through the legal system, and hiring them may be the best step in preventing litigation attorneys from moving in to dispute the validity of their final wishes.