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Will or Trust? Which one is better, some factors to be consider while taking this decision.

It is a common question that everybody asks that is what is the difference between a will and a trust and which one do I need. People get asked this question all the time and the answer depends on a number of factors but the short answer to this question would be it all depends on your personal financial situation and the goals that you want to accomplish. It might be a will it might be a trust or it might be a combination of both in your scenario. So, a will and a trust are both methods of transferring assets upon death they both accomplish the same goal of getting your assets to the person that you want after you are gone.

Factors to consider

However, there are several factors that you have to consider when having a discussion about which one you should get done. So, the first factor that I would want to highlight for everyone is

Probate

We want to avoid probate at all costs because probate is more expensive and time-consuming it is so probate is what we want to avoid. When you create a will you do not avoid that probate process and this is a common misconception that people have. So, if you have just a will in place for your estate your assets are going to go through this probate process so as to avoid the probate process we create trust. The trust does not go through probate it avoids probate which is what we want. So, that is the first factor to consider.

The second is

Privacy

When you have a will and because it has to go through this probate process all of your assets everything that you write in that will is going to be public information. So, if privacy is a concern for you that is something to think about. If you do not want your personal affairs to be a part of the public records you likely, should not choose to use a will because it is going to go through probate and it is going to be made part of the public records and anyone can access this information. Whereas when you create trust the trust is a private document it is a private contract. Oftentimes, the only people that have copies of it are you, your successor, trustee, your attorney may be your CPA. So, essentially with the administration of the trust after the person has passed away, there is a very small limited group of people who actually get to see the details of the trust, and that appeals to a lot of people because we want to keep our affairs private. Often, we want to keep our assets private, thus the Trust helps us accomplish that aim.

The third factor to consider is
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Incapacity

Oftentimes the reason why attorneys like me in particularly prefer trusts for our clients is because we want them to not only have the planning done for death, but we also want planning done for their incapacity as well. So, a trust will provide that, It will not only step-up and help you when you’ve passed away but it will also allow people in your life to step up and help you if you are ever mentally or physically incapacitated. Now this a type of benefit you just simply do not have with the will. Whenyou have simply a will in place it is not going to provide you with any assistance, if you are incapacitated. Your loved ones are going to have to go to court and get a conservatorship over you in order to gain control of your assets to be able to pay your bills and do whatever needs to be done financially for you.

The fourth and the final the factor which you should consider is

Cost

Now this is where will wins out because the creation of a will is much cheaper than creating a trust. So, although it is more inexpensive than creating trust because it must go through the probate process, in the long term a will can prove more costly.

Conclusion

In conclusion, we believe that each person and family situation is unique.  What works for one person, may not work for another.  Thus, we offer a free consultation, where we can discuss your goals and help you create a plan to protect your assets and ensure your needs are met.  FREE CONSULTATION:  TEXT LAW HELP to 31996.

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