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I’m often asked questions about estate-planning documents and one of those is, “What’s the difference between a will and a trust?” Well, both of them refer to a written document. A will is also called your Last Will and Testament, which takes effect at the time you pass away and controls whatever assets that you have in your name alone. If you have assets titled in your name, they will be controlled by your will and have to be probated.

If you have a trust, that is the name of another document which sets forth the name of a trustee; who the beneficiaries are; and what you would like done with your assets during your lifetime as well as at your death. Most of the time, when people refer to a trust, they are referring to what they call a revocable living trust, wherein they name themselves as the trustee and designate their assets to be used for their use during their lifetime; and then, also provide who they would like to receive their assets upon their death.

In order for a trust to be effective, the assets must be retitled in the name of the trustee; and the trust is effective as soon as it is signed during the lifetime of the person who signs it, which is called a donor or grantor. If you’d like to have a trust set up, please call my office at (727) 847-2288. Thank you.

Published in Estate Planning, Videos

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What is an Executor?

Friday, 12 November 2010 by Editorial Team

Video Summary

I get asked questions from time to time about words that are used in wills or trusts. One of those words is the word “executor.” An executor is a Latin term, which denotes a person who takes care of administering the estate. That language has been changed with word processing any number of years ago.

Now, executors and executrixes are referred to as personal representatives, which is a neuter term and also makes the word processing of documents much easier, since you do not have to designate whether they’re male or female. Also, it is substituted for the word “administrator” or “administratrix”–the male and female gender. So, whenever you see your documents, you won’t see the word “executor.” You’ll see the word “personal representative.”

If you’d like to have your will or trust revised, prepared, please call at (727) 847-2288. Thank you.

Published in Probate, Videos

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