KJK Estate, Wealth and Succession Planning Partner Susan Friedman recently sat down with Meghan Walsh from Cleveland Jewish News to discuss the options people have when it comes to estate planning and how taxes play into them.
“Generally speaking, a will is a legal document that directs the distribution of assets after your death,” Susan noted. She further explained:
“Unlike trusts, wills are subject to probate.
If your assets go through the probate process, your finances become public record. Trusts remain private.
Trusts enable the grantor to control his or her assets and lets the grantor specify when, how and to whom assets are distributed.
You might not want your children, minors or adults to have direct access to the funds. The trustee would use his or her discretion to make distributions.”
The estate planning process can be tricky, especially for those unfamiliar with the intricate details involved. An experienced attorney is able to advise in order to ensure your plans are successfully carried out.
Read the full article, as originally published, here.