Should I have a Will or a Trust? This is one of the most common estate planning questions that I am asked. This question really comes down to control. How much control over your legacy do you want? Many people don’t even realize that their will creates trusts. If your will does anything other than immediately give all of your assets to your heirs, it likely creates a trust called a testamentary trust.
Click here if you’d like t schedule a planning session.
Without a trust you can’t really plan to protect minor children. The court will name a custodian for their assets to hold them until they are 18. They will then be given the entire sum out right. Even if they are not ready for it. Additionally, you can’t plan for special needs. That money will go straight to the beneficiary often making them ineligible for government benefits.
Wills also need to be probated. Living Trusts do not. If you are only looking to pass your assets on to your heirs with no strings attached, a will might be best for you. If you don’t care about probate, a will might be best for you. If you are concerned about these things then a trust is probably best.
If you want more information, take a look at our Living Trust Guide by clicking here.