Most people know what a will is. It is a series of documents that specifically outline what will happen to the assets of a deceased individual. It can be as complex or as straightforward as it needs to be. A will attorney will help transmit these details when the owner of the will passes away.
A living trust has a lot of similarities to a will. But, in many ways, it is very different. The differences are subtle, but they can also be extremely consequential (in a positive or a negative way) in the allocation of assets and the actions taken upon death.
A living trust, as developed through an Estate Planning Attorney in De Pere WI, can be changed and altered during life. It is an active will, in essence, and it can be revoked by the trustee. Unlike a will, a trustee is almost always the person who is changing the living trust. It is the owner of the living trust. A trustee can be appointed separately, and he or she can make changes to benefit the family. A living trust is organic- a steadily evolving and changing entity that is a reflection of the mo9st current and updated financial situation. A will is a flash- a document concretely defining actions after death.
Are wills necessary? For the most part, yes. They are a protective coating for anyone who has desires for loved ones after they pass away. A living trust is slightly less needed in many scenarios. It does allow for the reallocation of assets and details upon a living, but they may be an extraneous benefit for many. A living trust can be changed with ease with an Estate Planning Attorney in De Pere WI. In fact, it is expected to change. That is a very consequential difference between the two methods of asset allocation.
The Brabazon Law Office LLC official website is simply brimming with information on a wide range of legal manners. Visitors can find more on estate planning and living trusts at http://brabazonlawoffice.com/estate_law/revocable_living_trusts_attorney.php. Contact the professionals at the office for a detailed plan for estate organization and establishing new parameters for a financially secure future.
