Wills vs. Trusts | Do You Know Which Is Best For You?

Attorney Justin Randall appears on WFRVLocal5 to discuss Wills vs. Trusts. Do you know which one is right for you? Watch this short video for information on these types of Estate Plans and how you can protect your legacy with professional guidance from an Estate Planning Attorney. Want to learn more? Visit estateplanninglive.com to register for one of our upcoming Estate Planning seminars.

Millaine Wells
Welcome back. Of course, this week we celebrated Independence Day, and many seniors in our community want to ensure that they are able to retain their independence as they age.

Frank Hermans
And Justin Randall from Hooper Law is here to discuss this important topic. You know, why is it so important that, you know, people are able to maintain their independence as they age?

Justin Randall
Well, I think one of the first things as people get older that they're afraid of is losing that independence. And so it's really important for people to find ways that they can actually have people step in and help. And that actually allows them to gain independence or maintain it. A lot of people think if they have someone come in and help, that that's somehow losing independence.

Justin Randall
But we just have to find ways to have that assistance come in and really help us maintain as much independence as we can through things like powers of attorney.

Millaine Wells
What are some of the ways people can lose independence? And conversely, how do you help them maintain it?

Justin Randall
So one of the first ways that people can lose independence if they don't have powers of attorney is that they can potentially need a guardianship. And that is one of the worst ways that you can lose that independence. If you could have avoided it by having a power of attorney, for example.

Frank Hermans
You know, these things aren't 58 now, so I'm thinking about this stuff already. It's crazy. And what should people really start thinking about taking care of this?

Justin Randall
Well, really, as soon as possible.

Frank Hermans
You sign up late.

Justin Randall
You're never too late. As long as you still have capacity to sign documents. The scariest thing is when you get to that point or you start to lose capacity, maybe due to Alzheimer's, dementia, or some other sort of health event. And that can be really difficult for people who then don't have those powers of attorney in place, because that's where if you don't have capacity to sign new documents, you may have to go through guardianship.

Justin Randall
So really, if you're 18 even, it's good to start thinking about these things. But especially, I mean, we have a lot of clients who are retirement age in particular.

Millaine Wells
Let's talk about retaining that voice as they age specifically when it comes to their care and their living arrangements. How do you ensure that that happens?

Justin Randall
So first and foremost, talk to your family members about what type of care you'd want, what type of amenities you'd want if you do have to go to a facility. I think a lot of people avoid having these conversations, mostly because they don't want to think about it. And I can understand that. But it's really important to talk about, okay, if I need care, you know, not saying you want to have care, but if you need care, here's what I'd like to see.

Justin Randall
What you know, keep me as home as long as possible, maybe. Or if I do have to go to a facility, what types of facilities you'd want, maybe location wise, where you'd want to be, and really talk to your family members too, about your financial situation, or at least give them information to find out where you have your assets.

Frank Hermans
When this happens, I mean, when somebody comes you the difference between a willing to trust. Mm hmm. Can you explain that?

Justin Randall
Yeah. Yeah. So the biggest difference between a will and a trust is that wills directly send things through probate, or that's where they actually hold weight. So a lot of people misunderstand that and think, oh, if I have a will, I've avoided probate. But really, you're only telling the court where you want your probate assets to go. You're not actually dealing with outside of probate assets.

Justin Randall
So if somebody comes in to us and says, I really don't want to go through probate, that's usually leaning them more towards a trust than using a will.

Millaine Wells
And Frank was giving away his age. I'm not sure what to do the same, but it is truthfully never too early to start as well. You said it never too late, but never too early to talk about your assets.

Justin Randall
Absolutely. Yeah. I mean, I am myself in an age where a lot of my friends are starting to have kids and I'm really trying to push them into getting wills in place for, you know, guardians for their kids. And I think knowing what I know and doing what I do, I definitely have my documents done at an earlier age than most.

Justin Randall
But like you said, it's never too early.

Millaine Wells
Okay. I'm 39 just now. Just I may not mention it next year.

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