Planning for your children’s future is already a daunting task. And if there are property and assets involved, you have to be more cautious to make sure that all your wealth smoothly transfers to the rightful heirs.
This is where will and estate lawyers come into the picture. Helping their client draft their wills or trust deeds, these lawyers can help you tackle the challenges of estate planning in time and avoid your property from getting stuck into legal loopholes.
But whether you should opt for a will or a trust? Knowing will and trust differences can help you make the right decision that will best protect the interest of your family. So take a look at this blog to learn what sort of asset distribution is better for you.
What is a Will?
A will is a legal document that allows you to transfer your property and assets to the rightful heirs, such as spouses, parents, or children, in case of your death.
What is a Trust?
A trust is also a legal document that can help you transfer your real estate, your business, material assets such as cars and houses, and finances to your beneficiaries. Unlike a will, you can use a transfer to distribute assets during your lifetime.
Will and Trust Differences
If you want to know which of the two options is better for you, then take a look at the differences between a will and trust.
Time of Effect
A will only go into effect in case of the asset owner’s death. A trust, however, can go into effect immediately after it’s signed or if you develop a disability during your lifetime. This allows you to start transferring your property to your children or spouse when you’re alive.
Flexibility
A will is permanent and irrevocable in most cases. However, by drafting a revocable trust, you can make amends to your trust deed as long as you wish. All you need to do is appoint a trustee, such as your family lawyer, to distribute the assets among the beneficiaries that you nominate in your trust deed.
Confidentiality
A will has to go to probate court before its execution. A trust, however, can skip probate and is thus preferred for its confidentiality.
Hire Will and Estate Lawyers in Toronto
If you wish to know more about will and trust differences then connect with us at Nanda and Associate Lawyers. We have estate lawyers, criminal lawyers, civil litigation experts, as well as immigration lawyers in Toronto. Book a consultation here.
