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Wills And Trusts: Foundational Tools In Your Estate Plan

It is common for people to use the terms “will” and “estate plan” interchangeably. They are not the same thing, but this demonstrates how central the will is to a larger estate plan.

Along with one or more trusts, your will accounts for nearly all assets in your estate and gives instructions for passing them along to your intended heirs.

Given how important these legal tools are, it is critical to ensure that they are thorough and legally sound. When you contact Matthew Carucci, Esq., he will help you create a customized estate plan that meets your needs and goals and ensures that your hard-earned assets go where you want them to.

What Does A Will Contain?

Your will is a catalog or summary of your property and assets and a list of intended heirs. You can list property individually, give a percentage of your estate to each heir or some combination of the two. The more specific your will is, the greater chances that your wishes will be clearly understood and carried out.

Here are some basic provisions you may want to include:

  • All the property to be bequeathed
  • A list of heirs to whom property will be given
  • Naming someone to act as the executor to your estate
  • Naming one or more people to act as guardians for your minor children
  • Naming someone who will manage any property your children inherit until they reach adulthood

Your will can and should be revisited and updated over time. If Matt helped you create the will (or even if he didn’t), he can easily help you periodically review it and make updates.

Utilizing The Power Of Trusts

A trust is a powerful legal tool that allows you to manage and distribute assets with much more control and specificity. They are highly customizable, can be created for a wide variety of purposes, and work in conjunction with your will.

Some of the more common types of trusts include:

  • Living (revocable) trusts
  • Special needs trusts
  • Testamentary trusts
  • Education trusts
  • Charitable trusts
  • Asset protection trusts
  • Spendthrift trusts

Although your estate plan doesn’t necessarily need a trust (in the same way that it needs a will), creating one or more trusts is a good idea because of how useful these legal instruments are.

To determine which type of trust is right for you, contact Matt today.

Learn More About Wills And Trusts In A Free Initial Consultation

Matthew Carucci, Esq., serves clients throughout Delaware.

To take advantage of a free initial consultation with an experienced estate planning attorney, call him at 302-500-6920, extension 104 or send him an email.