What is the difference between wills and estate trusts?
I also see that there is software you can buy to make your own will or estate trust. Is this advisable or should you have it done by an attorney?
A will distributes estate assets only after death. A trust designates distribution of assets prior to death, and puts the assets into Trust to be managed by a Trustee until the death of the Grantor/Settlor. The grantor no longer owns the trust property, the Trust does, but he/she can designate use of the assets until he/she dies. A trust protects the property from someone trying to sue or garnish the Grantor’s property because he/she does not own it in title – the Trust owns it; it is no longer in his/her name. Most trusts allow the Grantor the beneficial use of assets until he/she dies like use of the house, vehicles, land, etc. It is protection and designation of beneficiary distribution before the Grantor dies. A trust can be revocable – disolved at the wish of the Grantor and property returned to the Grantor, or Irrevocable – permanent distribution to the Trust for protection or safe keeping and for beneficiaries after death of the Grantor.
a will goes through probate court
a revocable trust can function similarly to a will without having to go through probate. you just have to put your assets into the trust and name yourself trustee
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A will distributes estate assets only after death. A trust designates distribution of assets prior to death, and puts the assets into Trust to be managed by a Trustee until the death of the Grantor/Settlor. The grantor no longer owns the trust property, the Trust does, but he/she can designate use of the assets until he/she dies. A trust protects the property from someone trying to sue or garnish the Grantor’s property because he/she does not own it in title – the Trust owns it; it is no longer in his/her name. Most trusts allow the Grantor the beneficial use of assets until he/she dies like use of the house, vehicles, land, etc. It is protection and designation of beneficiary distribution before the Grantor dies. A trust can be revocable – disolved at the wish of the Grantor and property returned to the Grantor, or Irrevocable – permanent distribution to the Trust for protection or safe keeping and for beneficiaries after death of the Grantor.
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