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Is a trust better than a will?

This is the most common question for estate planning attorneys. Most of us will say each client is different and you need to decide what’s right for you after you learn about each. This is true.  Some will say a will is always better which is likely true only for the attorney who wants to do a lot of probates in the future. Some will say a trust is always better which probably means they haven’t thought through all the issues. What’s better for YOU?

Let’s keep this basic today and if you have questions ask me.

TRUSTS:

More expensive to create but avoids probate after death.

Usually private after death. This is seen as a pro for most people but some people prefer the public oversight of the probate Court.

More cumbersome to get assets into a trust during life but simpler after death.

WILLS:

Cheaper to create but likely subject to probate after death.

Usually public after death. Generally a con but some prefer this.

No need to transfer assets during life but more cumbersome and costly probate after death.

 

Which is right for you? Only you know. If you want to plug in exact dollars into costs, attorney fees, etc… make an appointment with me. Mention this blog post and I will give you a FREE CONSULTATION to discuss YOUR case!  -John

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10.0John Bernard Palley
Wealth Counsel Member
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