Wills and trusts have many distinguishing differences between them, but your Gilbert will and trust documents are fundamental parts of your estate plan. There are multiple legal differences between a Gilbert will and trust that you should be aware of. One of the main differences between a Gilbert will and trust is that a last will and testament only becomes effective after a person dies, and a trust goes into effect as soon as it is signed. Another main difference between a Gilbert will and trust is that a will is used to distribute “probatable assets” or assets that are in the name of the deceased and not secured in a trust.
A trust is an arrangement where a “trustee” holds the title to an asset for a “beneficiary” (the asset recipient). If the person who dies was the trustee, a successor trustee can take over the job of holding the title, and so there is no need for probate court. This is a substantial difference between a Gilbert will and trust, because between the two, a trust can be much more effective for asset distribution by avoiding the extra cost and hassle of probate court.
Any assets that are not put into a trust may be subject to probate court. During probate court information about an estate’s assets can be made public. When deciding between a Gilbert will and trust for asset distribution, those who prefer privacy will usually prefer a trust because assets can be transferred privately.
Another thing to consider is the time required to create Gilbert will and trust. Creating a trust for different types of assets can be time consuming and costly but worth it for the privacy and the ability to avoid probate. A last will and testament can be a less complicated way for an estate owner to transfer his or her assets, but there are still major legal considerations.
If you are deciding between using a Gilbert will and trust for one of your assets, it is almost always best to consult with an estate planning professional who can provide you with detailed information on the advantages and disadvantages of a Gilbert will and trust for your unique situation.
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