WILLS VS. TRUSTS. TAKE CONTROL OF YOUR WEALTH DISTRIBUTION!

Gabriel Katzner - January 12, 2016 - Estate Planning

You work hard for your money and want to ensure that your wealth distribution goes according to your wishes upon death. Sadly, many people simply don’t understand the difference between wills and trusts and how they can affect inheritance. Don’t be one of them!  Take control of your wealth distribution by understanding what wills don’t control and the benefits of a trust.

5 Things a Will Does Not Control

Most people believe that a will encompasses and controls all of your assets. That is simply not the case. Proper asset ownership for will-based plans can be confusing. However, the bottom line is that a will only controls assets in individual names; it does not control:

  1. Trust assets
  2. Retirement accounts / pension plans
  3. Life insurance
  4. Annuities
  5. Employee benefits

While having a will allows you to avoid having a court decide who gets what, a trust can generally protect you even further.

5 Benefits of a Revocable Living Trust

There are many benefits to a revocable living trust, including these five:

  1. Avoiding the public, costly and time-consuming court processes at death (probate);
  2. Avoiding the same regarding incapacity (conservatorship or guardianship);
  3. Providing for spouses without disinheriting children;
  4. Saving estate taxes in some cases;
  5. Protecting inheritances for children and grandchildren from the courts, creditors, spouses, divorce proceedings, and irresponsible spending.

There are many types of assets that can be funded into your trust, such as real estate, bank accounts, investment accounts, and intellectual property rights. Others might include:

  • Notes payable to you
  • Life insurance – if you don’t have an irrevocable life insurance trust
  • Business interests
  • Oil and gas interests
  • Personal effects – artwork, jewelry, collectibles, antiques

Wills vs. Trusts

It’s important to work closely with your estate planning attorney to make certain that all of your assets are distributed according to your wishes – and done so with the least amount of cost and time delay. Contact us today for more information about wills, trusts, and other financial planning issues, and let us help you decide what’s best for your situation!

You can schedule a call with us or reach us directly at 855.528.9637 to learn more about how best to plan today to protect those most important to you.

 

Gabriel Katzner

In 2002, Gabriel Katzner, the founding partner of Katzner Law Group received his Juris Doctorate with honors from the Fordham University School of Law. After spending the first 7 years of his legal career
practicing at Cahill Gordon & Reindel LLP, an international law firm based in New York, he went on to found his own firm.

Gabriel Katzner has a track record, along with a vast number of outstanding public reviews across platforms, of working hard on behalf of individuals who need assistance with comprehensive
estate planning services. Finding a lawyer who is knowledgeable about revocable and irrevocable trust planning, guardianship for minor children, asset protection, trust administration and probate,
as well as Medi-Cal / Medicaid planning is extremely important.

Years of experience: More than 17 years
Locations: New York, NY / San Diego, CA



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This page has been written, edited, and reviewed by a team of legal writers following our comprehensive editorial guidelines. Furthermore, it has received approval from attorney Gabriel Katzner, an experienced estate planning lawyer with over 17 years of legal expertise.

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