It is of crucial importance to have either a Trust or a Will so that it is clear to the world how you intended for your assets and debts to be handled after your death. Additionally, these documents can set forth who should care for minor children and pets.
Advantages of a Trust:
If you have property in more than one state, and it is titled in the Trust, in most cases, no probate will have to be opened where those assets are located. This can result in cost savings and allow your beneficiaries to have access to the assets more quickly.
You should consult an attorney knowledgeable in this area before deciding what documents are necessary for you and your family. Also, please remember that the beneficiaries under a trust have the same or similar rights to challenge the interpretation made by the Trustee, as do the beneficiaries under a Will.
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