If you’ve been thinking about starting your estate plan, you may be trying to choose between the use of a will or trust. They share similarities and have differences as well.
This guide will help you better understand each estate plan device. If you have additional questions about wills or trusts, speak with a qualified estate planning attorney.
Wills and trusts allow you to choose how your assets are distributed to beneficiaries.
Wills and trusts allow you to appoint a trusted helper who is responsible for managing and distributing your assets.
Wills and trusts can help you accomplish many of your estate planning goals.
Wills and trusts can allow you to plan for tax savings.
Wills are only effective after your death.
Trusts can take effect during your lifetime.
Assets in trusts are able to avoid the process of probate.
Assets controlled by wills are subject to probate, which can be extremely costly.�
The contents of wills become public knowledge during the probate process.
The contents of trusts are kept private.
Simple Wills are less costly to prepare and generally are easier to complete.
Trusts are generally more expensive to prepare and generally take longer to complete.
Wills allow you to appoint a guardian for the care of your minor children.
Using wills means that it will generally take a long time (i.e. months or even years) for your beneficiaries to receive your assets.
Trusts allow you to pass your assets to your beneficiaries more quickly.
Wills and trusts are both beneficial estate planning tools. Many people would benefit from having both a will and a trust. It’s important to have an estate plan in place so that you maintain control.
To better understand your options, talk with your estate planning attorney about your individual needs. Your attorney can create a personalized plan.
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