Enhancing estate planning outcomes: wills and trusts together
It’s an often-posed query in the estate planning realm: wills or trusts?
Many individuals and families in Tennessee and elsewhere spend considerable time and effort contemplating the question. It is not an uncommonly held view to deem those two planning instruments as operating in completely separate and distinct spheres. Some people even view wills and trusts in an either-or fashion. That is, they believe that only one of them can logically feature in an estate plan.
In fact, planners working closely with an experienced estate administration legal team often ultimately find that their personal strategies are optimally enhanced by both the creation of a will and one or more trusts.
A noted financial writer underscores that in a recent Forbes article, stating that, “Every estate should have a will and is likely to have at least one trust.” A combination of the two can help to tightly promote and powerfully advance planning objectives.
We certainly know that to be true at Cook Tillman Law Group. The deep legal team at our long-established Middle Tennessee law firm in Brentwood has for many years helped diverse and valued clients optimize their estate planning goals through an integrated will-trust strategy.
The sheer utility of a will for planners in virtually every case is strong and unquestioned. Indeed, wills serve as foundational instruments in estate planning.
Notably, trust creation relevant to specific needs can often augment the planning process and work seamlessly with will directives to ensure the fullest realization of a planner’s goals.
We welcome contacts to our firm concerning questions regarding wills, trusts and all other matters relevant to sound and tailored estate planning strategy.