WHAT IS A WILL?
In simple terms, a will is a document that specifies how the distribution of an individual’s assets should be handled once the individual has passed away. A will is subject to the probate process in a court of law, which can last for several months. During the probate process, the assets cannot be transferred to the proper heir or descendant.
WHAT IS A TRUST?
A trust is a legal construct that specifies how an individual’s assets are to be managed if the individual becomes incapacitated. It also specifies how the distribution of an individual’s assets should be made at the time of the individual’s death. A trust provides a convenient method for organizing, managing, and distributing an individual’s assets.
WHAT’S THE DIFFERENCE BETWEEN REVOCABLE AND IRREVOCABLE TRUSTS?
The maker of the revocable trust maintains complete control over the assets in the trust. A revocable trust can be changed or revoked by the maker. The maker of an irrevocable trust gives away all control of the assets. Assets in a trust avoid probate and transfer smoothly to the beneficiaries of the trust. There are good reasons to consider both options. Discuss the pros and cons of both types of trusts with Kenneth R Hoppes Attorney At Law to determine which is the best option for you.
WHAT IS A LIVING WILL?
A living will is an advance directive that allows an individual to state his or her wishes for medical care treatment at end-of-life, especially when he or she is no longer able to communicate or make sound decisions. Without a living will, there are often serious disagreements among family members over how their loved one should be treated. Sometimes there are even court battles, which is why a living will is so important to consider.
Contact Kenneth R Hoppes Attorney At Law in Pendleton, IN now for a free consultation, and let's begin the planning process.