Should I Get a Trust or Will?

Do I Need a Trust or a Will?

So you wonder which estate planning tool is better for them – a trust or will? Are you concerned that getting a proper estate planning attorney to write a trust or will may be extremely expensive? Further, when thinking about your own death, considering trusts and wills may be very intimidating.

Well, here is a secret – trusts and wills are not exclusive – you can have both a trust and a will. While they are both estate planning documents, trusts and wills serve different purposes. So here is the basic answer: all estate plans should contain a will, regardless of whether or not a trust is included. In addition to a basic will there are other ways that assets may be transferred: through jointly owned accounts, or assets such as life insurance policies that have clear beneficiary designations. Regardless, the will is the workhorse of estate planning and is the catch-all document that disposes of assets.

Trusts, on the other hand, should be seen less as a way of distributing assets and more as a way of managing assets, even during the life of the person setting up the trust.

To better understand whether you should get a trust or a will, let’s look at what the two documents are:

What is a Will?

What is a Trust?

Disclaimer: The information provided in this blog post is for general informational purposes only and should not be construed as legal advice. This content is not provided by a law firm, and the author is not a legal professional. Laws and regulations vary by jurisdiction, and the application of laws to specific circumstances can vary widely. If you have specific legal questions or concerns, it is recommended that you consult with a qualified legal professional for advice tailored to your situation. The use of this information does not create an attorney-client relationship between the reader and the author.