Tuesday, February 18, 2025

Wills vs. Trusts: Protecting Your Legacy

January 26, 2025 by  
Filed under Community

BY KIMBERLY SMITH

Happy New Year, Black Image readers! As we step into 2025, let’s talk about something we don’t always discuss openly but is critical for protecting your most valuable assets: the difference between a will and a trust. 

A will is a legal document that outlines how your assets will be distributed after your passing. It’s straightforward and important, but it’s not always enough to protect your loved ones from the costs and delays of probate — the legal process where a court oversees the distribution of your assets. 

This is where a trust comes in. A trust allows you to transfer assets directly to beneficiaries without probate, saving time, money, and privacy. It can also help you manage your assets while you’re still alive, ensuring your wishes are followed if you become unable to manage your affairs. 

So, which one is right for you? A will is a great start if your estate is simple, and it’s a must-have for naming guardians for minor children. However, if you own property, have significant assets, or want to avoid the probate process, a trust might be the better option. 

As African-Americans, it’s vital to prioritize generational wealth and ensure our families are set up for success. A will or trust isn’t just a legal tool—it’s a gift of peace and clarity for your loved ones. 

Let’s make 2025 the year we secure our legacies. Consult with an estate planning attorney to find the best solution for your family. If you do not have an estate planning attorney, I will be more than happy to refer one to you. 

If you are interested in buying or selling real estate, please let me know, I would be more than happy to assist you. 

Questions? Call Kimberly Smith, Broker Salesperson with King Realtor Group at (702) 291-7098 | www.kimberlysmith.realtor | NV.Lic. No. BS.146388

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