Trust vs. Will – The Difference
Considering that the trust and the will are both part of the legal documents, but in the will you are only dealing with a sheet of paper, while a living trust will be your advisor throughout your life and after your death. He knows exactly what his duty is and how he should do it, and his work will not be finished until he fulfills all your wishes. Every person needs to make a decision about his property before his death to make sure that his family members will not face problems after death. For this reason, hiring a trust can be the best option. But on the other hand, there are people who believe that a will be enough after death. These people will mention all their property in the will according to their personal wishes before their death. These people will write legal documents probate for you without any problems. In this article, we try to introduce you to the differences between trust and will, so stay with us:
Costs
Typically, hiring a trust is more expensive than writing a will. Because a living trust will manage your assets before your death, and after your death, it is responsible for the necessary follow-ups to transfer to your children. This person will receive a salary from you on a monthly basis. But If you write a will, you will only pay for its legal registration.
Ease of Property Transfer
By transferring your assets to a living trust, you know which family member each of your assets will be transferred to after your death. But in the will, your children may not follow what you said. In addition, making a will is a long and expensive process.
Payment of Debts
By hiring a living trust, you can set an amount to pay your debts and ask him to pay all your debts after your death. But you do not have this option in the will because your children may not follow it. Also, by hiring a living trust, the time to transfer the assets will be reduced and legal processes will not go through. For this reason, you are sure that your property will reach your children as soon as possible.
Last Word
To manage your assets, you can use the expert advice of law consultants in Dubai.
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