Is a Will or a Revocable Living Trust Right For Me?
The answer is … it depends. Everyone’s situation is unique. You may have heard that someone definitely should take one approach over another. The following information can provide you with some general factors to consider when deciding between a will and a revocable living trust. By evaluating your specific situation and family goals at a complimentary Intake Appointment, your estate planning attorney can help you decide which approach is right for you.
A will is less expensive to prepare. A will does not avoid probate. The court can allow for support of the spouse and children of the decedent from estate funds throughout the probate proceedings. A will can appoint a personal representative to be responsible for probating your estate, it can appoint a guardian for minor children, it can contain a testamentary trust to manage property for children and appoint a trustee, and it can also waive the bond requirement for your Personal Representative (for a potential significant cost savings for your estate). A will manages your assets only after your death and does not provide incapacity planning during your life. A will can be paired with other incapacity planning documents that will manage property and health care during your life.
A revocable living trust is more expensive to prepare. It can avoid probate, if all assets are properly placed in the revocable living trust. Sometimes as time goes on, people acquire new assets and forget to place them in the revocable living trust. These assets may have to be probated. A revocable living trust can manage your assets during your life in the event of your incapacity. For this reason, sometimes older clients prefer the continuity of a revocable living trust through incapacity and after death. Sometimes a revocable living trust can provide helpful options for blended families or later in life marriages. A revocable living trust can also provide tax planning options. There are a variety of reasons why someone may want to avoid probate or manage complicated properties. A revocable living trust may be a better option for these clients.
At your intake appointment, your attorney will review your assets and family goals with you. Your attorney can then help you decide whether a Will Package or a Revocable Living Trust Package is the best approach to meet your goals.