In this Elder Law Minute, Kaye Dent explains the key differences between a will and a revocable living trust.
Hi, Im Kaye DeSelms Dent with Dent Coulson Elder Law, here with another Elder Law Minute for you. These videos are intended to educate you about the Elder Care Journey, which begins earlier in life than you might think. We hope that you find them useful and if you have further questions, please call us at Dent Coulson Elder Law.
Today, I would like to discuss the differences between a will and a trust. While that sounds like a basic question to ask, it’s a very common question and a really question to ask. The way I explain to people what the difference is between a will and a trust is that are two main differences:
First of all, a Will on addresses what happens to your possessions, your assets when you pass away. A Trust actually can actually come in many different forms but for estate planning purposes we’re generally talking about a Revocable Living Trust. A properly drafted Revocable Living Trust will address not only what happens to assets when you pass away, but also what happens to assets during your life, and during any period of disability that you might encounter. Additionally, a Will by law in most states and especially in Illinois, is required to be placed in the public records upon your death. In Illinois specifically, someone who has your original Will has to place it on file with the Circuit Clerk in which you resided, within thirty days of your death. So it becomes a public document that anyone can look up.
A Trust on the other hand is a private document. So, I have some clients who prefer to have the benefits of a Living Trust to plan for disability, and also to protect their privacy. Now there are many other great reasons for using a Revocable Living Trust as your main estate planning document, and the attorneys here at Dent Coulson Elder Law would be happy to discuss those with you in relation to your specific circumstances.
Feel free to give us a call, set up a consult and discuss what kind of estate plan is right for you.
Also looking for information about Medicaid and Asset Preservation? Visit these articles:
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Dent-Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Dent-Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (618) 632-7000 (IL) or (314) 567-9292 (MO), or Contact Us and we will get in touch as soon as possible.