You work hard for your money and you deserve some control over what happens to it. It’s only natural to worry about what will happen to your assets after your death. Even individuals of fairly modest means have an estate – and that means they should have a strategy for the distribution of their assets according to their wishes. This strategy is an estate plan. There are many tools involved in the creation of a solid estate plan and there are many decisions that you will need to make as you work with an experienced estate planning attorney to come up with your documents, but two everyone should consider carefully are the will and the living trust.
The Will vs. the Living Trust:
There are many benefits to establishing a living trust, but it does come with additional up front expense. If you aren’t sure if it’s worth the extra effort and cost in your situation, find out if informal probate is an available option and decide if you will actively manage your estate plan.
Sometimes a will is the best option. Many states have a simplified or expedited form of probate for estates that are valued under a certain threshold (with the specific threshold varying by state). If your estate could pass under the expedited form of probate, or if you happen to live in a state where probate is not a complex process, you may want to consider turning to a will.
If you will not be actively managing your estate plan, a living trust might not be a viable option. A trust is only beneficial if you will be transferring assets into it. When determining if you would benefit from setting up a living trust, think about what is best for you. A will and a living trust, in many respects, accomplish similar objectives. The living trust will allow you to reach objectives a will cannot achieve.
If you need more information about whether your estate would benefit from creating a living trust or if you can accomplish your goals using a will, please get in touch with one of the experienced estate planning attorneys at Aronow Law PC today. There are many legal intricacies associated with last wills and living trusts and consulting with a competent attorney can help you make the best decision.