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If you’re planning an estate, you’ve probably read a lot about wills and how important they are. But what about trusts? What’s the difference between a will and a trust, and do you need both?
A trust and a will both deal with the allocation of someone’s assets, but what sets the two apart is the fact that a will takes effect when someone dies, while a trust can be administered while someone is still alive. While the two documents do some of the same things, a trust should never be considered a replacement for a will. In fact, the two documents should work together.
Like a will, a trust sets terms for distributing someone’s assets. But a trust can be set to have a limited lifespan, and it can be altered at any time, even after it’s in place. While a will is something everyone should have in place, a trust is best for specific situations.
Beyond simply allocating your assets to your family, a trust can also be beneficial in other situations. Virginia law allows for the creation of both a charitable trust and a special needs trust.
When you’re drafting a trust, it’s important to have someone knowledgeable assist you. Estate planning is unfamiliar territory for most people, and when it comes to dealing with your family, you want to make sure your wishes are carried out.
While it may be a challenging task to create a trust, an experienced estate planning attorney can ease the burden. At Coastal Atlantic Law, we have helped numerous families ensure their estate plans are in order. We serve clients in Chesapeake, Virginia Beach, Portsmouth, Suffolk, Norfolk, Hampton, Newport News, and the surrounding areas. Contact us today to discuss how our dedicated legal team can be of assistance.