My Civil Advocate

We often hear a lot of confusion regarding the terms "will" and "trust", with some folks even thinking that they are one and the same, which is definitely not the case. Though both are key elements of estate planning, they serve distinct roles. A will only goes into effect after the will's creator  - also known as the testator - has passed away. The person then responsible for carrying out the desires of the testator and distributing assets to the beneficiaries is referred to as an executor. Executors are in charge of wills, not trusts. So, whats a trust? A trust is a legal arrangement under which one person or institution, called a trustee, holds legal title to property that will eventually be distributed to beneficiaries. Unlike a will, a trust can be "active" the moment it is created. It may be used to distribute property to beneficiaries prior to the death of the trust's creator (settlor), upon the death of the settlor, or delayed well afte...

One of the most common misconceptions people have about wills is that they're basically a "set it and forget it" type of deal. Meaning that once you've got the document in place, you really don't have to make changes to it. The reality is that wills should be updated throughout your life to account for important changes that happen to you and to make sure your assets are distributed in the manner in which you had intended. Some life changes or circumstances that could warrant a change to your will can include: If you find yourself no longer getting along with the executor or a beneficiary of your will. If there is the death of a beneficiary or the birth of a new family member.  If the size of your estate has significantly increased or decreased. If you decided that you want to change the amounts you are leaving to beneficiaries. If you move to another state.  If changes aren't made to a will it won't necessarily invalidate the document, but at...