Wills and trusts are the core of an effective estate plan. Both allow you to define how your assets and property will be distributed. But, each functions differently. In some situations, a person is best served by having a will and a trust and having the two instruments working together.
We can assist you with your estate planning needs. Kennelly Business Law of Fargo, North Dakota, is an experienced, knowledgeable and compassionate law firm that understands the importance of estate planning and how to create an estate plan that will meet your needs without unnecessary complexity. We will help you understand all of the benefits wills and trusts offer and how they can work together, if that benefits you.
A will can be a simple instrument for a less complex estate. But, it also can serve as the cornerstone of a more complex and substantial estate plan. With clear instructions, a will declares where your money goes and who or what will receive your property such as your home, real estate and heirlooms. Besides helping minimize the likelihood of disputes and conflict, having a well-drafted will in place can give you real peace of mind.
At the same time, we can assist in creating a revocable or living trust. A trust has advantages compared with a will in that your heirs can avoid the time-consuming probate process, including its costs. It also provides more privacy as a trust is not a matter of public record. However, the biggest advantage is that a trust allows you to manage your estate while you are still alive.
Estate planning is something you do not want to take for granted. Having an effective plan in place can be a solution. An estate plan can include options such as wills and tailor-made trusts. When you need definitive answers on what your best options may be, turn to us. Kennelly Business Law of Fargo, North Dakota, is a group of experienced and effective lawyers. For an initial consultation, please call us or contact us online.
