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Wills Versus Trusts in Estate Planning
Manage episode 428018116 series 3561789
Kandungan disediakan oleh Bill Miller. Semua kandungan podcast termasuk episod, grafik dan perihalan podcast dimuat naik dan disediakan terus oleh Bill Miller atau rakan kongsi platform podcast mereka. Jika anda percaya seseorang menggunakan karya berhak cipta anda tanpa kebenaran anda, anda boleh mengikuti proses yang digariskan di sini https://ms.player.fm/legal.
In this episode, attorney Bill Miller discusses the differences between wills and trusts. He explains that a will is a legal document that outlines how your probate assets should be distributed after your death, while a trust is a legal agreement that holds assets for the benefit of individuals or purposes.
Wills are simpler and less expensive upfront, but they require court intervention and can be time-consuming. Trusts, on the other hand, avoid probate, provide continuity of asset management, and offer more flexibility and privacy. They are better for larger or more complex estates and can be effective during your lifetime as well.
Takeaways
- A will is a legal document that outlines how your probate assets should be distributed after your death, while a trust is a legal agreement that holds assets for the benefit of individuals or purposes.
- Wills are simpler and less expensive upfront, but they require court intervention and can be time-consuming.
- Trusts avoid probate, provide continuity of asset management, and offer more flexibility and privacy.
- Trusts are better for larger or more complex estates and can be effective during your lifetime as well.
- A pour-over will can be used in conjunction with a trust to ensure that all assets are distributed according to the trust's terms.
- Trusts can be used for asset protection, planning for incapacity, and seamless management of assets.
- Trust administration is typically less expensive and easier than probating a will.
- It is important to consider your specific circumstances and goals when deciding between a will and a trust.
Chapters
(00:00) Introduction and Overview
(07:11) Introduction to Trusts
(09:29) Types of Trusts: Revocable and Irrevocable
(12:08) Parties Involved in a Trust
(14:03) Advantages of Trusts
Learn More and Connect with Bill Miller
https://millerestateandelderlaw.com/
https://www.facebook.com/MillerEstateandElderLaw/
https://www.linkedin.com/in/bill-miller-estate-and-elder-law-attorney-44036511/
23 episod
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