Choice of a Lifetime

Wills:

• Generally cost less and are easier to set up
• Let you name a guardian to care for minors
• Impose a deadline for creditors to bring claims against your estate with the courts overseeing any disputes involving beneficiaries and creditors

Trusts:

• May cost less over time for people with large estates
• Let you designate financial managers to handle your affairs in the event you become disabled
• Can avoid or minimize the probate process
• Simplify the process if you own any property in more than one state

AARP Legal Services Network from GE offers AARP members access to a directory of attorneys who provide free initial consultations and offers 20 percent off usual and customary rates in most states for services such as estate planning.

Readers can find the Spanish text to this and other stories at AARP Segunda Juventud.