At Momkus McCluskey, LLC, our attorneys are experienced in creating wills, trusts and other estate planning documents. We work closely with our clients to understand their needs and create a unique estate plan that serves their goals.
Understanding the Differences Between Wills and Trusts
Wills are the most common way for a person to bequeath his or her assets to loved ones. In their most basic form they are inexpensive and easy to create. The major drawback of a will, however, is that they must go through the probate process. This can take months and can cost a significant portion of an inheritance in lawyer fees and court costs.
Conversely, a trust is more complicated and more costly to set up. The advantage of a trust, however, is that it does not have to pass through probate. There are numerous types of trusts that can be used in an estate plan including:
- Living Trusts
- Charitable Remainder Trusts
- OBRA Trusts
- Life Insurance Trusts
- Credit Shelter Trusts
- Qualified Personal Residence Trust (QPRT)
Trusts can be revocable, in which the trustor retains control of the assets, or irrevocable, in which assets no longer belong to the trustor. There are many complexities involved in creating and managing a trust fund. Our firm is practiced in working with a wide variety of trusts and using them as part of a strategy to protect and preserve our clients' estates.
To schedule a consultation with an experienced estate planning attorney skilled in working with wills and trusts, contact Momkus McCluskey, LLC.