Securing Your Legacy: The Role of Wills and Trusts in Estate Planning
by Matthew Klieger
As defined by Matthew Klieger, Creating a will and trust should be at the top of your list when it comes to estate planning. These two critical documents protect your assets and ensure that your wishes are respected after you’re gone Estate planning is more than dividing up your property it’s about controlling how your wealth and legacy are handled and ensuring your loved ones are supported without unnecessary burdens or complications.
A will is a straightforward, legally binding document that allows you to specify who should receive your assets upon your death, who will take care of your children, and who will manage your estate. Without a will, the state’s intestacy laws will decide how your property
is divided, which may not align with your wishes A will also designates an executor someone you trust to ensure your wishes are carried out. Whether specific bequests to loved ones or charitable donations, a will clarifies your desires and helps avoid family disputes during a difficult time
While a will is essential, it has limitations. One of the main drawbacks is that a will must go through probate, the legal process of validating a will and distributing assets Probate can be time-consuming, expensive, and public For many, this is a significant reason to consider adding a trust to their estate plan A trust allows you to transfer ownership of your assets to a trustee, who manages them on behalf of your beneficiaries according to your instructions. One of the most significant advantages of a trust is that it bypasses the probate process, enabling a much faster and more private transfer of assets
Moreover, a trust can provide greater flexibility and control over how your estate is distributed For example, you can set distribution conditions, such as age milestones for heirs or specific uses of funds, like educational expenses This ensures that your beneficiaries are cared for in ways that align with your values and goals. Unlike a will, which is a public document once it enters probate, a trust maintains privacy, protecting the details of your estate from public view
Combining a will and trust in your estate plan ensures that your assets are distributed efficiently, your family is provided for, and your wishes are honored These tools provide peace of mind, knowing that you have planned for your family’s future and safeguarded your legacy for generations.