Everyone wants to plan for the future, but many have a hard time deciding what should happen to their earthly possessions after they’re gone. For example, people rarely know what a will or a trust is, or know which is the right option for them.
Here at OWLFI, our goal is to help you fully understand your options, so that you feel confident about this important decision. With that in mind, we’ve created an easy to understand guide to wills and trusts!
This guide addresses the some commonly asked questions about wills and trusts. We hope this helps educate you, and dispel any myths or misunderstanding about wills and trusts.
What is a will?
A will is a public legal document that dictates what happens to your possessions and assets after you have passed away. There are various things you can request in your will, such as beneficiaries, guardians of your children, executors, inheritance instructions, and more. This is handled publicly and verified by the state.
What is a trust?
A trust is a more private legal entity that is used when someone has a great deal of money or property. While this does not cover all issues, such as guardianship, it does manage the proper handling of your estate after you’ve passed away. This is handled privately, and the state is not involved. There are several kinds of trusts to utilize, so working with a company like OWLFI will help ensure you find the right trust for your needs.
Do I need a trust if I have a will?
That all depends on how much property and money you have. Some people prefer to have both, since a will specifically dictates how personal issues are addressed, while a trust is specific to managing assets. But if you have investments in real estate, land, or have other assets in the form of stocks, bonds, savings, etc., you will likely want to have a trust and a will.
Why are wills and trusts important?
Because they will legally dictate your wishes after you are gone. If you pass away, and do not have a will or trust set in place, the state handles the distribution of all of your property and finances. This includes guardianship and inheritance. This is called dying intestate, which can be a very complicated and often painful process for loved ones. We recommend setting up a will with an experienced company like OWFLI, who can guarantee your requests are properly documented.
Can I set up a will or trust by myself?
We always recommend working with someone who can clearly note your wishes, so they can be properly carried out after you’ve passed away. Wills and trusts are complicated legal documents, and should be handled by someone who is aware of all of the ins and outs of the process. OWLFI can set up your will and trust, as well as assist with many other estate planning services!
How do I get started?
We recommend contacting an experienced estate planning team, like OWLFI, to help you set up your will or trust. Contact us today and we can answer any questions you may have, and help you start the process of setting up a legal document to protect you and your loved ones.
Although planning for the future can feel a bit overwhelming at times, OWLFI is here to make the process as easy as possible. Our superb customer care and years of experience make us the best choice for anyone looking to set up a will or trust.