Wills and Trusts

You've worked hard to grow your wealth over the years. You've made sacrifices, taken risks, and want to safeguard what you've worked hard for. At Gillmore & Wilson, LLC, we have several decades of experience helping Newton, Kansas, area residents safeguard their assets by establishing wills and trusts.

We are committed to providing the highest service and expertise in estate planning and trust administration. We understand that each of our clients has unique needs, goals, and objectives—and we carefully consider these when working with them to create personalized estate plans.

We are here for you at every step: from helping you choose the right type of will or trust for your situation to ensuring your wishes are carried out accurately when it comes time to execute your plan.

Wills

The fundamental aim of a will is to specify how you want your possessions divided when you die. You may also choose an executor to manage the division of your assets or a guardian for special needs individuals you leave behind. A will also allow you to appoint a guardian for minor children and specifies who should make decisions about their education and medical care in the event of your death.

Trusts

A living trust is a legal avenue that protects your property and assets during your life. A trust also allows you to appoint someone to manage those assets for the benefit of your heirs.

A revocable trust may be changed at any point throughout your life.

An irrevocable trust is a living trust that cannot be altered once established. Other types of trusts are available, such as charitable and special needs trusts.

Key Differences Between Wills and Trusts

While wills and trusts share some parallels, there are some important differences. Here are some examples:

●       Effective date. A will takes effect after death; however, a living trust becomes operative once it is established and funded while you are still alive.

●       Cost. Because trusts are more involved and need more paperwork to establish, they are more costly than wills. Avoiding probate, on the other hand, may balance the cost of a living trust.

●       Probate. Whether you die with or without a will, your estate must go through probate. Some states have lengthy and costly probate procedures. A living trust avoids probate and may result in a more timely transfer of assets to heirs.

At Gillmore & Wilson, LLC, our knowledgeable estate planning attorneys can assist you if you are unclear about which choice is best for you. Our specialists are well-versed in the legal procedures involved and will carefully assess your situation to advise whether a will or a trust will best serve your estate planning needs.

Contact Gillmore & Wilson, LLC, to Safeguard Your Assets for the Future

The estate planning attorneys at Gillmore & Wilson, LLC have decades of experience guiding families with the estate planning process so that everything is carried out accurately and efficiently. Call us at (316) 283-1550 for more information about wills and trusts, or use our online contact form to send a message and set up a consultation.

We serve Newton, Hesston, Sedgwick, Halstead, Peabody, and the surrounding Kansas communities.