Understanding Wills
The journey to a comprehensive and well-structured estate plan begins with the creation of a will. Only about 32% of Americans have a willi; however, it is a document that everybody should have. A will is a legal document that defines how a person wishes their assets and property to be distributed after they die.ii
Understanding Trusts
The distribution of someone’s estate can be stressful, time-consuming, and costly, especially for a larger estate. To simplify the process, save on unnecessary costs, and help to reduce stress for loved ones who will also be grieving, many people choose to establish trusts. A trust is a legal arrangement where one party (the trustee) holds and manages assets for the benefit of another party (the beneficiary), based on instructions of the person who created it (the grantor or settlor). It is a strategy for managing the distribution of wealth, safeguarding assets, and ensuring they are done according to the wishes of the grantor. There are multiple types of trusts people can choose from.iii
What are the differences between a trust vs. a will?
There is a misunderstanding that only the wealthy need a will and even more so, a trust. In fact, anybody can help their loved ones by exploring a will or a trust. But which one aligns with your strategy?
Consider scheduling a meeting with a financial professional
Remember, a will or a trust is beneficial to everybody. Creating a well- structured will or trust is critical to safeguarding your assets and addressing that your loved ones get as much of the assets you spent your entire working life earning, while seeing to it that your wishes are managed appropriately, both while you are still alive, should you become incapacitated, and after you die. A financial professional can help you make the financial decisions that align with your short- and long-term goals. Don’t wait. Schedule that appointment today.
Important Disclosures:
Content in this material is for educational and general information only and not intended to provide specific advice or recommendations for any individual. This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor. MG Partners Private Wealth and LPL Financial do not provide legal advice or services. This material was prepared by Marketing Solutions.
Securities and advisory services offered through LPL Financial (LPL), a registered investment advisor and broker- dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. To the extent you are receiving investment advice from a separately registered independent investment advisor that is not an LPL affiliate, please note LPL makes no representation with respect to such entity.
This article was prepared by LPL Marketing Solutions Tracking #777147
i 2024 Wills and Estate Planning Study - Caring.com
ii What is a Will? - CDC Foundation
iii iWhat Is A Trust? - Fidelity
iv How Much Does Estate Planning Cost? 2025 Guide - LegalZoom
v How Much Does It Cost to Set Up a Trust? - Smartasset
vi Do All Wills Need to Go Through Probate? - LegalZoom
vii The Probate Process - American Bar"
viii Estate Taxes: Who Pays, How Much and When | U.S. Bank
ix http://smartasset.com/estate-planning/how-to-avoid-estate-taxes-with-trusts
x Do I Need a Will? - Ramsey
xi When a Living Trust Might Not Be Needed - Nolo.com
xii Do All Wills Need to Go Through Probate? - LegalZoom
xiii The Probate Process - American Bar
xiv Will vs. Trust: What Do You Need? Cost, Process and Uses - NerdWallet
