You might be wondering, what is the difference between a Will and a Trust? While there are some similarities – both Wills and Trusts distribute your assets after your death – there are some important differences. Having both covers all of your bases – for you and your family.
Trusts are generally more beneficial than Wills because your assets pass to your beneficiaries automatically upon your death. This protects your assets from probate court, which is a public process that can be expensive, “freezing” your assets for years until the court concludes the case. A Trust may help your family avoid paying unnecessary taxes on benefits upon your death. A Trust allows for the management of your estate for the benefit of your family if you pass away with minor children. A Will does not.
But even though a Will isn’t something you would use on its own, it is an important tool that does some important work that your Trust does not do.
First, and most importantly, if you both pass your Will makes clear who you want to take care of your children. If you have children, a Will is where you appoint the guardian of your children at the time of your death. If you die without a Will designating the guardians of your minor children, that decision will be left to the courts.
Second, your Trust only handles the assets that you “put in it.” (There are standard recommendations to fund your Trust that we will cover once your documents are complete.) Your Will, however, has a “pour over provision” naming your Trust as a beneficiary. Under this “pour over provision” anything you own outside your Trust will then pass or be paid to your Trust upon your death. So, if you chose not to put certain assets in your Trust, or just forgot, this portion of your Will is the safety net or the catch-all that protects you.
Third, your Will spells out wishes you might have about specific items that you want to specific people to have. This is where you will specify that your son will get your watch, and your daughter will your mother’s wedding ring. This is also the place where you can provide specific instruction about your funeral and burial wishes.
We strive to provide an affordable service that keeps all documents organized and easily accessible 7 days a week, 24 hours a day. We offer competitive prices that are far lower than what a lawyer would charge, meaning you can save money while ensuring all your important documents are in order.
With our streamlined service, you no longer need to worry about tracking down a lawyer or navigating complex legal paperwork—we do the hard work for you.
Wills are important legal documents, and our company makes it easy to create and store them.
Our platform provides a secure way to store these documents at a fraction of the cost of using a lawyer. It simplifies the process by providing an online form where customers enter their desired information and designate their trusted individuals/organizations who will serve as trustees.
After completing this form, TrustHandled® creates your Will based on what you want and need on a case-by-case basis and reviews all details before filing the completed document.
Once submitted, customers are given access to their own secure “vault” within our platform in which they can store their completed trust and other important documents – all organized in one convenient location!
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Creating your own will document on our platform is easy and straightforward. All you need to do is:
About your wishes for medical treatments in the event of an accident or illness that would leave you unable to communicate them yourself.
As well as list any specific instructions or requests related to your treatment, care, or other personal matters. As soon as this information is entered, our platform will generate your customized will document which can then be printed out and stored securely in our system.
Additional features such as a designated loved one access service that allows someone else to take over management of the document if needed, such as in the case of death or illness. With this service, a loved one can access, update and manage the will document quickly and easily on their behalf. Additionally, our platform also offers comprehensive data protection measures including encryption algorithms and secure storage protocols to ensure all documents remain private and confidential at all times.
You can indicate how you want your property to be split after you pass away via a will, a legal document. Additionally, you can utilize it to select a guardian for your children and an estate manager.
A will can be written by anyone who is of legal age and has the mental capacity to do so.
Your property will be distributed by your state’s intestacy rules if you die without leaving a will. This may result in your assets being distributed to individuals against your will or the guardianship of your children being chosen against your wishes.
You must make a will that complies with state legal specifications for it to be considered valid in your state. In front of witnesses who also sign it, you must also add your signature and the date.
Yes, you can change your will whenever you choose. Simply replace the outdated document with a new one that complies with state legal standards.
While having a lawyer draft your will is not required, doing so is strongly advised to make sure your wishes are understood and carried out as intended after your passing.
After your death, a legal procedure known as probate will be utilized to settle any disagreements regarding your will. To prevent any future disputes, it is essential to make sure your will is exact and comprehensive.
We’re committed to helping you make sure that all your wishes are documented in accordance with state laws, ensuring that everything goes smoothly when it comes time for them to be implemented.
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