MANHASSET, NY / ACCESSWIRE / September 23, 2022 / Establishing a comprehensive estate plan is vital to protecting one's assets while also ensuring the financial independence of family members. According to the professionals of Marchese & Maynard, a trust is a helpful estate planning tool, but it is also important to understand the difference between a will and a trust.
A will is a legal document that outlines the distribution of assets and properties after one's death. "A trust is a legal entity that allows you to transfer ownership of your property and assets to another person or entity, known as the trustee. The trustee then holds and manages the property for the benefit of the beneficiaries named in the trust." The most common type of trust is known as a "living trust" and can be used to manage property and assets throughout the individual's lifetime.
A representative of the firm claims that it's important to perform extensive research in order to select what option is best for you and your family members. According to the article, a trust helps individuals avoid probate, a process used to distribute assets after death. Instead, all properties and assets are transferred to the trustee avoiding unnecessary court proceedings. One of the benefits of a will is that it helps avoid disputes among loved ones.
"Finally, a will can be used to appoint a guardian for your minor children. This is an essential consideration if you have young children, as it will ensure that they are taken care of by the person you choose if something happens to you."
Ultimately, the best way to decide which option is best for you and your family is to consult a trusted estate planning attorney. Marchese & Maynard help individuals navigate the legal landscape and are committed to providing you with customized solutions when it comes to sensitive matters.
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About Marchese & Maynard
Marchese & Maynard is a premiere estate planning firm helping clients navigate sensitive legal matters. Based out of Manhasset, New York, their team of industry-leading professionals are committed to offering fast and effective solutions. By demonstrating empathy and compassion, the attorneys at Marchese & Maynard adapt to the ever-changing needs of their clients.
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SOURCE: Marchese & Maynard