Financial planning is an important part of creating an estate plan. A Portland probate lawyer can help you understand the differences between a trust and a will. A trust is effective when you are alive, and a will is effective when you die. A will is a document that includes a list of your final wishes. A legal representative will direct the disbursement of your assets. A trust entitles the trustee to the legal property of another person. A trust can have two types of beneficiaries. The first set of beneficiaries will receive assets while the person is alive, and the second set of beneficiaries will receive assets after the first set of beneficiaries passes away.

A will covers assets that are in your name at the time of your death. It does not cover joint assets or property that is in a trust. A trust only covers assets that have been transferred to the trustee. In order for the assets to be included in the trust, the property must be in the name of the trust.

A trust does not have to pass through probate. A judge must oversee the administration of a will. The judge will make sure that the will is valid, and the judge will make sure that the property is distributed in a way that would satisfy the deceased person. A trust is not considered public information.

Trusts and wills both have advantages and disadvantages. For example, a trust allows you to plan for a disability or a savings account. A will can specify your final arrangements. A Portland estate planning attorney can help you find the best solution for your family and business.

Yost L.L.C. can help you with your financial estate planning. Kali Yost is an experienced estate planning attorney in Portland, and she can help you find creative legal solutions.