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DTSTART;TZID=America/New_York:20240930T123000
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UID:6203-1727699400-1727703000@www.aikenrotary.com
SUMMARY:William Tucker\, Wills and Trusts
DESCRIPTION:While Wills and Trusts do have a lot of overlap\, there are also several differences between the two. Ultimately\, both are ways to say who will receive your assets. They just do it in different ways\, and each has its own advantages and disadvantages.  \nOne big difference between the two is in how and when they take effect. Wills don’t go into effect until you pass away\, whereas a Trust is effective immediately upon signing and funding it.  \nIt may be easier to think of a Will as a “simple” document. Wills allow you to:  \nName guardians for kids and pets\nDesignate where your assets go\nSpecify final arrangements\nWhile it is an easier process\, the simplicity of a Will does come with some drawbacks. For example\, Wills offer somewhat limited control over the distribution of assets. They also most likely have to go through some sort of probate process after you pass away. \nA Trust is a bit more complicated\, but can provide some great benefits. Trusts:  \nOffer greater control over when and how your assets are distributed\nApply to any assets you hold inside the Trust\nCome in many different forms and types\nKeep in mind that after you create a Trust\, you also need to fund it by transferring assets to it\, making the Trust the owner. This does make Trusts a little more complex to set up\, but note that Trusts have one major benefit over Wills. They’re often used to minimize or avoid probate entirely\, which is a huge plus for some people. This alone could more than justify the additional complexity of setting up a Trust. \nBill joined Hull Barrett in 1980 and is a senior partner in the Aiken office of the firm. He practices in the areas of estate planning\, probate\, real estate\, and business/corporate law and has extensive experience on wealth transfer issues for individuals and owners of closely held businesses\, the administration of decedents’ estates\, as well as residential and commercial real estate transactions and small business transfers. \nCONTACT US
URL:https://www.aikenrotary.com/event/william-tucker-wills-and-trusts/
LOCATION:Newberry Hall\, 117 Newberry St SW\, Aiken\, SC\, 29801\, United States
CATEGORIES:Guest Speaker
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