Wills and trusts are both important estate planning tools. The main difference is that trusts are effective the moment they are created, while a will can only go into effect following the person’s death. Trustees, or the beneficiaries named in a trust, are granted power over the items transferred to the trust once it has been established. A will can dictate how the property will be divided among survivors. However, only property that is in the name of the deceased is covered in a will; joint property is not counted.
Trusts can also be created by the will to come into effect at the time of death to manage assets for the benefit of one or more beneficiaries to whom you might prefer not to give immediate management of the assets to.
Family law is a complicated area of practice. If you have any other questions or would like to speak with a skilled Minnesota family law attorney about your individual situation, call Frank T. Mabley, Attorney at Law at (651) 636-7696 to set up a free initial consultation.