Do I Need a Trust?
Generally speaking, there are two types of trusts: Inter vivos trust or testamentary trust. The first becomes effective upon signature; the second is created upon your death with your Last Will and Testament. The main difference between the two is that the inter vivos trust provides more privacy, avoids probate (which usually involves court costs and attorneys’ fees), but requires extra steps such as changing ownership of real estate assets, changing ownership of entities, or changing beneficiary designations of life insurance.
There are pros and cons of either alternative. For more information, you may contact us at info@coroneldavidlaw.com or (407) 730-5222.
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