Chisolm Trimble & Associates, LLC

Many people assume a will is all they need for estate planning. While a will is essential, a trust can offer additional benefits in certain situations. Here is how the two compare. How a Will Works A will is a legal document that takes effect after you die. It directs how your assets should be distributed, names guardians for minor children, and designates an executor. However, a will must go through probate — a court-supervised process that can be time-consuming and public. How a Trust Works A trust is a legal arrangement in which you (the grantor) transfer assets to a trustee to manage for the benefit of your beneficiaries. A revocable living trust can be changed during your lifetime and avoids probate entirely, allowing assets to pass directly to beneficiaries. Key Differences A will becomes public record through probate; a trust remains private. A trust can provide ongoing management of assets for beneficiaries (like minor children or individuals with special needs), while a will simply transfers ownership. Trusts can also protect assets from creditors in some circumstances. Which Do You Need? Many people benefit from having both. A 'pour-over' will can direct any assets not already in your trust to be transferred there upon death. Our estate planning attorneys can help you determine the right strategy for your family and financial situation.

A Power of Attorney is one of the most important — and most overlooked — legal documents an adult can have. Here is what it is and why you should not wait to create one. What Is a Power of Attorney? A Power of Attorney (POA) is a legal document that authorizes another person (called the agent or attorney-in-fact) to act on your behalf in financial, legal, or medical matters. The person granting the authority is called the principal. Types of Powers of Attorney A general POA covers broad financial and legal decisions. A limited POA covers specific transactions. A durable POA remains in effect even if the principal becomes incapacitated — making it especially important for long-term planning. A healthcare POA (or healthcare proxy) authorizes someone to make medical decisions on your behalf. Why You Need One Now If you become incapacitated without a POA in place, your loved ones may have to go to court to obtain guardianship or conservatorship over you — a process that is expensive, time-consuming, and public. A properly drafted POA prevents that. Choosing Your Agent Wisely Your agent will have significant power over your affairs, so choose someone you trust completely — someone who is responsible, organized, and willing to act in your best interest even under difficult circumstances.