Wills or Trusts? Make the Right Decisions

The choice of executor and trustee is also important in decision making.

A decision between setting up a will or a trust, depends on factors that are best made with the advice of an estate planning attorney. However, there are other big decisions to make, according to the Knoxville City View in “To Will or To Trust.”

Both documents require deciding who should carry out the directions in the documents. In a last will, that person is called an executor. In a trust, that person is called a trustee. Sometimes, people decide who should fulfill those roles, without thinking about it very much.

They just pick someone they know and like. If an executor or trustee is not an appropriate choice, it can be harmful to any estate plan. The people in these roles need to be financially responsible and must be willing to take their roles very seriously. It is also helpful, if they get along with everyone the last will or trust is designed to benefit to avoid any potential conflicts.

An estate planning attorney can advise you on the use of a wills and trusts in estate planning, as well as looking carefully at appropriate candidates before making a decision.

Reference: Knoxville City View (May 4, 2018) “To Will or To Trust.”