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Alexandria, VA Estate Planning Blog

Thursday, January 12, 2012

What is the difference between a Simple Will and Basic Trust?

 

Generally a Simple Will is a document that expresses a person’s desires with regard to who shall inherit their probate property. Additionally parents’ frequently nominates persons to serve as a guardian or conservator for their child when they die.

Generally a Simple Trust is a document that expresses a person’s desires with regard to who will inherit their properly funded trust property. The document nominates a person to carry out the creator’s intent (a trustee). While a trust could provide for the outright distribution of the trust property to a beneficiary, they frequently create and attach strings to the distribution of trust property in an attempt to insulate assets from creditor’s, divorcing spouses, and immature beneficiaries.

Trusts can be created as living-trusts (intervivos trust) and by Will (testamentary-trust). A living-trust is duly executed and valid while the client is alive. An testamentary-trust is created when a decedent’s Will is probated after their death.

 

Please contact the firm if you would like to learn more. We are happy to discuss the matter with you.

 

Sincerely,

 

Luke Lenzi, Esq.   


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The Lenzi Law Firm, PLLC assists clients throughout Northern Virginia and Washington D.C. including Fort Washington, Falls Church, Ft. Myer, Vienna, Rosslyn, Springfield, Mount Vernon, Annandale, Fort Belvoir, Fairfax, Dunn Loring, Merrifield, McLean, Oakton, Reston, Burke, Great Falls, Fredericksburg, Stafford and Herndon in Arlington County, Alexandria County, & Fairfax County.



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