Heidi Scott, Illinois-based attorney and CPA, practices in the field of tax law, real estate, and estate planning. At the Law Offices of Heidi Scott in Mt. Sterling, Illinois, she helps her clients manage their assets and plan for the future sensibly.
Wills become active after the author is deceased. They generally spell out who is to receive the author’s property and who will legally facilitate the division of assets. Some wills must pass through probate, a lengthy and expensive process in which they are looked over by a court. As a result, the contents of a will are often made public record.
Trusts can go into effect at any time, even while their originator is alive. Trusts are often the best way to transfer ownership of shared assets, especially property. Assets can simply be put in the name of the trust, and trust ownership kicks in. Moreover, trusts do not go through probate and can accordingly remain private.