A Will and a Trust are both plans that name the people who will receive and manage the funds and properties of a person after his or her passing away. People can make both of them or only one as per their preference and convenience after consulting with their respective lawyers. Legal experts are available in many places now so residents can avail service from experienced and talented attorneys who are ready to offer their best services.
While both plans appear similar at first glance, there are some differences between the two. A Will comes into effect only after a benefactor is dead while a Trust comes into effect immediately after it is created. Another difference between a Will and Trust is the fact that a Will only covers property that is in the name of the will-maker.
Property jointly held by two or more people is not and cannot be included in a Will. A trust covers only the property which has been transferred to the trust. If a person wants to add a property to the trust then it should be registered in the name of the trust.
Another difference between a will vs trust is the former has to go through a probate court. The court will ensure that a will is valid before it comes into effect. However, trust does not have to go through a probate court and so it becomes effective as soon as it is made. One more difference is the fact that a Trust remains private, unlike a Will which becomes a public record.
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According to legal experts, both Will and Trust have pros and cons. So, before creating any document, people can consult their lawyers and discuss the necessary aspects. The lawyers will give advice and go along with the clients every step of the way. Whether people make Trust or Will, the lawyers will see that clients are satisfied with the final solution. If residents in Michigan also want to know about Will and Trust, they can read some Will Vs Trust reviews and similar write-ups.
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