Wills and Trusts

Posted on

May 21, 2021

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As they say, The only sure things are death and taxes. An estate plan can help you with both. Well, it wont help to keep you alive but it will help your family and loved ones have a smoother transition. A loss is hard enough to deal with; dont make it more difficult by procrastinating with your estate planning.
There are two estate planning methods: Will Based Plans and Trust Based Plans.
Will Based Plans provide the Probate Court with your instructions regarding the beneficiaries of your estate, guardians for your minor children and any other instructions you may make. Will Based Plans are economical and sufficient for those with simple estates.
Trust Based Plans are more expensive but also offer advantages a Will Based Plan cannot. The one most people are interested in is Probate Court avoidance. What we feel is a larger advantage is additional protection if you are ever incapacitated. Trust Based Plans can also offer tax savings for larger estates.
While any plan starts with a Will or a Trust, it is not completed until you have Powers of Attorneys, a Living Will and a HIPPA release. All estate plans from Morey Law include these documents.

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