Research the phrase “estate planning” and you’ll see quite a bit on drafting your Will and setting up a Living Trust.
But which one is better? Which one do you need? The answer to that question will depend solely upon the assets of your estate, your estate planning goals, and the needs of the beneficiaries inheriting same.
A Will for example, can handle standard property distribution quite well. For someone looking to just outline who gets what, a Will may be sufficient.
A Trust on the other hand, can be more complex but offers more flexibility as well. With a Trust, you can offer incentives to your heirs for example, or structure the assets so that they benefit multiple generations instead of just one.
A Trust also avoids probate and keeps your estate private, so while the contents of your Will will be made public record, the assets distributed in your Trust will not.
Of course, a Trust requires more maintenance and can cost more to set up, so it depends upon your individual needs. To find out what estate planning tools will work best for you, contact our office today.