Wills and Trusts Attorney
Regardless of how big your estate is or how much money you make, it’s essential to have a plan in place for when you pass on or can no longer manage your estate. Not only does having a plan in place prevent the control of the distribution of your assets from going to the state, but it also gives you the power to determine what happens to those assets. At the Law Offices of Clifford M. Cohen, we can help you establish a will and a trust to ensure that your wishes are honored.
What is a will?
A will, which is also called a last will and testament, is essentially a list of your final wishes, which includes the disposition of your property. Upon your death, the county court will read your will and ensure that your wishes are fulfilled. Wills can be used to establish your executor, name guardians for your children, determine how much to pay in taxes and debt and to act as a backup for your living trust. Your will should not be used to provide instructions for your final arrangements or to add conditions to the gifts you left others (i.e. leaving an inheritance only if your son finishes college).
What is a trust?
A trust is essentially an agreement between three people, wherein the trustmaker gives ownership to specific assets to the trust (and trustee), which it manages for the beneficiary. A trust is used to provide instructions as to why, how and when your assets are passed onto your beneficiaries. Trusts can be established while you are still alive — living trusts — or at your death — testamentary trusts. Regardless of the type, a trust can help to avoid having to probate your assets, which can be an arduous, time-consuming task.
If establishing a trust or a will the right decisions for your estate in DC or Maryland? Contact us today for your free consultation!
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