Explore the Differences and Benefits with Margaret Zylka House, Attorney at Law
This month, we explore the importance of estate planning: wills vs. trusts, in Pennsylvania. Estate planning ensures you can honor your wishes and care for your loved ones after you pass away. Two of the most common tools in estate planning are wills and trusts. While both manage and distribute assets, they offer distinct benefits depending on your needs. At Margaret Zylka House, Attorney at Law, we specialize in helping individuals in Connellsville PA create personalized estate plans.
What Is a Will?
A will is a legal document that outlines how to distribute your assets after your death. It also allows you to name guardians for minor children and specify other important decisions. Benefits of a will are:
- Simple and cost-effective to create.
- Clearly specifies your wishes for asset distribution.
- Appoint guardians for minor children
However, wills must go through probate, a court-supervised process that can be time-consuming and public.
What Is a Trust?
A trust is a legal arrangement where a trustee manages assets on behalf of beneficiaries. Trusts can be structured to take effect during your lifetime (living trust) or after your death (testamentary trust). Benefits of a trust are:
- Avoids probate, ensuring faster distribution of assets.
- Provides privacy, as trusts are not public records.
- Offers greater control over how and when beneficiaries receive assets.
- Can include protections for special needs beneficiaries or minor children.
Trusts are more complex to establish and may involve higher upfront costs, but their long-term advantages often outweigh these initial expenses.
Which Option Is Right for You?
Choosing between a will and a trust depends on your financial situation, family needs, and estate planning goals. For many, a combination of both provides comprehensive coverage.
Our firm has experience in estate planning. We help clients navigate their options and create tailored solutions to protect their legacy. Start your estate planning journey today and contact Margaret Zylka House, Attorney at Law.
For more information on any of our legal services, contact Margaret Zylka House, Attorney at Law, by calling (724) 628-4955. Follow us on Facebook for our latest news. Our attorneys will be happy to review the importance of estate planning: wills vs. trusts.
