You have probably heard of the terms “will” and “trust.” When you talk with a will and estate lawyer in Ottawa, you will learn how to handle your assets best after you pass away. In this post, we will compare the two terms. Both a will and a trust set out how your possessions will be distributed.
Each has advantages and disadvantages.
Will
A will takes effect after you have passed away. It is a document that designates the distribution of assets, sets out any final arrangements, and names guardians for children, pets, or others under your care.
Trust
A trust becomes a legal entity when you transfer assets into it. The owner of the assets is the trustee. Trust is more complex than a will.
They will provide greater control over when and how the assets are distributed and can come in different varieties.
Which is Better
The better option will depend on your exact circumstances, goals, and need to protect your family appropriately.
You can also have both.
Just to be clear, none of what we have discussed so far deals with medical decisions.
To do that, you will need a power of attorney of the person, which provides for someone to make decisions for you should you become incapacitated.
Need legal advice?
If you need a will and estate lawyer to help you decide which one is better for you, contact Francis Lawyers. We have years of experience providing comprehensive legal services in Ottawa. Contact us today!will and estate lawyer in Ottawa