What is the Difference Between a Will and a Trust?

While both estate planning tools, a will and a trust, serve different functions. Although a will does not avoid probate, a trust can, making it a beneficial option if you want to distribute your assets to family members while reducing the complexity that accompanies the probate process. Determining the correct estate planning documents for your situation can be complex. It is essential to speak with one of our estate planning attorneys at Mette Attorneys at Law in Harrisburg, PA.

What is the Role of a Will?

A will is a legal document that bequeaths the property of the testator (creator of the will) to specific beneficiaries. Property that is passed to beneficiaries may be personal property or real property. Personal property may be either tangible, such as jewelry, furniture, or cars, or intangible, including bank accounts, investments, or intellectual property (such as a copyright).

A person who executes a will must choose a personal representative to carry out the terms of the document. The Commonwealth of Pennsylvania requires that the personal representative be at least 18 years of age and of sound mind. The personal representative must be prepared to carry out various duties, including, but not limited to:

• Probating the will
• Giving written notice to all beneficiaries named in the will
• Publishing notice of the testator’s death as well as the estate administration process in local newspapers
• Taking inventory of all assets and liabilities
• Informing creditors of the estate administration process
• Paying outstanding debts out of the estate
• Filing the estate tax return

What Purpose Does a Trust Serve in Harrisburg, PA?

In a trust, the grantor (the person who creates the trust) conveys the legal rights to their property to a trustee. The trustee has a fiduciary responsibility to perform their duties as relayed by the grantor. There are many different types of trusts, although an inter vivos or living trust is the most commonly seen in estate planning. In an inter vivos trust, assets are retitled in the name of the trust and are no longer owned by the individual. This type of trust allows assets to be distributed to beneficiaries at the trustee’s discretion, thereby avoiding the need for probate.

Why You Need an Estate Planning Attorney

Every person’s estate and family structure is unique, meaning that one approach does not work for everyone. Legacy planning, or the process of organizing your affairs, requires that informed decisions be made regarding your and your family’s future. Even though we raise our children in the hopes of helping them maintain financial stability, part of your planning may include providing for family members who need monetary assistance.

At Mette Attorneys at Law, we understand that you have a lot of choices concerning your estate plan. This can be overwhelming, making you question what the right course of action should be. For this reason, our Harrisburg estate planning lawyers are committed to helping you make informed choices and providing you with peace of mind, even after you are gone.

Contact Our Harrisburg Estate Planning Lawyers Today

Creating an estate plan can be an emotional experience, making you second-guess your intuition. If you are ready to solidify your wishes, our legal team is more than happy to assist you. At Mette Attorneys at Law, our Harrisburg estate planning attorneys understand that the choices before you are not easy, but that you likely know what is best for everyone involved. To arrange your confidential consultation, contact us online or call (717) 232-5000 today.