Establishing An Estate Plan That Meets Your Goals

An estate plan is a comprehensive strategy that includes numerous interconnected documents. The will and trust documents are the most foundational documents you will need for your estate plan. While there are numerous cheap online do-it-yourself wills, it is important to work with an experienced attorney who can advise you about your options and help you integrate the various documents of your estate plan together into one comprehensive strategy.

At Applegate Fifer Pulliam LLC, our lawyers combine decades of experience and knowledge with a personalized and detailed approach to estate planning. We will take the time to listen to you, understand your financial situation and help you establish an estate plan that will obtain your goals. We represent clients in Jeffersonville and throughout southern Indiana.

The Differences Between Wills And Trusts

There are a few key differences between a will and trust instrument and each of them plays a different role in the context of a comprehensive estate plan. Some of the primary differences include:

• Scope: Whereas the will is a more general document that dictates the transfer of all your assets, a trust is narrower in scope. A trust usually involves one beneficiary and involves the transfer or transfers of a portion of the overall assets of an estate.
• Timing: Wills generally do not transfer assets over a long period of time or dictate a transfer at a later date. In contrast, a trust can establish a transfer of assets that can occur on a later date or after a certain event occurs, like a graduation or a specified birthday. Further, a trust can be established to occur in numerous smaller transfers over a period of time.
• Details: A trust can provide control over other details of the transfer, as well. For example, you can establish a trust that transfers money to a child only to be used for college.

Clearly, a trust is a more versatile estate planning instrument than a will. However, there are transfers and other estate planning initiatives that cannot be handled by a trust. They are different instruments that do different things. Our attorneys know all of the available options.

Get The Help You Need

Talk with our experienced lawyers to establish your wills and trusts as part of a comprehensive estate plan. Call 812-777-4331 or email us today.