Mon – Fri 09:00 – 17:00, By Appointment on Sat & Sun.

Is Trust An Alternative To Will?

Is Trust an Alternative to Will?

Wills can play a key role in avoiding asset distribution matters. No estate planning means causing a great deal of fuss and anguish to your heirs. According to a survey by Canadian Broadcasting Corporation (CBC), more than half of Canadians do not have wills. 

Many people are incapacitated or delay to create wills given the delicate nature that estate planning possess. Besides wills, trusts are also a reliable substitute to deal with your assets. Much to your surprise, wills and trusts oftentimes serve a similar purpose. Nonetheless, it is always a safer option to engage the services of a lawyer who can make your wills and trust planning stress-free and quicker. 

This blog post will provide a brief overview of how a trust can be beneficial in terms of asset distribution.

What Is The Difference Between A Will And Trust?

Many people are skeptical about how will and trust are different from each other. First of all, both documents are used in estate planning to protect your assets and family.

Simply put, wills are the cream of the crop in asset distribution while trusts are more related to the management of your monies and assets. More specifically, a trustee takes control of the trust and acts on behalf of the beneficiaries in regard to managing the finances and assets.

One of the chief differences between a will and trust is that a will can only be enforced after the death of a person. Trusts, on the flip side, can go into action while you are still alive. Essentially, this means that trusts can start working for you either when you are alive or after your death.

Wills Or Trusts? Take Your Pick!

Here are the top reasons to consider before opting for a trust;

Always Go For A Trust If You Have Minor Children

In case you do not have children, a will may be the right call. Typically, parents are ardent where they have doubts that their children are not mindful. This might be on grounds that (which can be a grown-up youngster) their child has chronic drug use or some physical or mental hindrance. Children all in all are not so enthused about Trusts as it restricts their financial independence.

Say Goodbye To Costly And Time-Intensive Probate Procedures

Wills cannot be enforced if you do not undergo supervised probate court proceedings for the acquisition of assets. Conversely, the trust passes to assigned recipients without conventional court proceedings.

To put into perspective, a trust empowers the settlor to put (or retitle) resources, similar to bank accounts and retirement accounts, into the trust. It likewise permits those equivalent resources to be utilized during the settlor’s lifetime, assuming they are at any point incapacitated.

Have Charge Of Your Privacy

Unlike wills, trusts ensure a great deal of privacy as the trust stays private even after the passing of the person who made the trust. You won’t need to stress over the general public accessing data that you just want to keep with the individuals in the trust.

Get In Touch With Us

Wills and Trusts are, indeed, complicated processes that require all-out legal analysis. If you have any queries related to wills and trusts planning, do not hesitate to speak with our estate planning lawyers at Ayaz Mehdi Professional Corporation who can facilitate you with in-depth legal advice and ensure to protect what you rightfully owe from an estate.

Disclaimer:  Kindly note that sending or receiving information through this site does not establish a solicitor-client relationship. Legal matters are fact-specific, and the law is variably changing. The views expressed and the content provided on this blog are general guidelines and cannot substitute for proper legal advice. Schedule your legal consultation by clicking here: Let’s meet!


Related Posts

Locations Served