Wills And Trust Marlborough MA: What Is The Difference?
?Most people just assume that Wills And Trust Marlborough MA are the same thing because they both offer a system for how estate assets are to be distributed after a person passes away. While Wills And Trust Marlborough MA do offer a lot of the same things, there are some key differences between two as well. One of the more notable differences when it comes to Wills And Trust in Marlborough MA is the fact that will is normally significantly cheaper than a trust.
A will is defined as a legally binding contract that allows the passing individual to give her assets to various beneficiaries. A trust, on the other hand, is a legally binding contract that can take place before an individual passes away. For example, an individual may have a trust of money set aside for their child or their grandchild once they become a certain age.
One of the biggest differences between wills and trusts is how they are handled after the individual they belong to passes away. Most of the time a will has to go through probate court in order to make sure that it is a valid will. And then a probate attorney will supervise the distributing of the assets. A trust, on the other hand, does not have to go through probate. This is because the trustee may have started to receive some of the assets from the trust before the individual passes away. Once the individual does pass away the trust will continue to function the same way it did before. There really is not a wrong and a right when it comes to whether a will or a trust is going to be a better option for a person.
You are just going to need to sit down and decide what you want to happen after you pass away. Do you want your family to have to go through the exhaustion of a probate? You need to keep in mind that a probate is also very expensive. Perhaps you would rather set up a trust so that your trustees start receiving assets when you believe they should.