When considering your estate planning options, you might find yourself debating between a revocable living trust and a will. These two tools are essential in determining how your assets will be distributed and managed after your death. Heritage Law Office, with our experienced estate planning attorneys, can guide you through the decision-making process and provide an outline of your best options. Contact us either online or at 414-253-8500 to schedule a free consultation today.
Revocable Living Trust: An Overview
A revocable living trust is a legal entity created to hold your assets during your lifetime and distribute them upon your death. The primary benefits of a revocable living trust include:
Revocable living trusts can help avoid the time-consuming and expensive probate process. Assets held in a trust don't need to go through probate, saving your heirs both time and money.
Unlike a will, which becomes public record once it enters probate, a revocable living trust remains private. This means the details of your estate plan and your assets remain confidential.
As the name suggests, a revocable living trust can be changed or revoked during your lifetime. This allows you to make adjustments to your estate plan as your circumstances change.
Will: An Overview
A will is a legal document that outlines how your assets will be distributed after your death. Some advantages of a will include:
Creating a will is generally more straightforward than establishing a revocable living trust. The process can be less complicated, making it a more accessible option for many individuals.
A will allows you to designate a guardian for minor children, ensuring they are cared for by someone you trust in the event of your death.
With a will, you can appoint an executor to handle the administration of your estate. This person will be responsible for paying debts, managing assets, and distributing your property according to your wishes.
Comparing Revocable Living Trusts and Wills
When choosing between a revocable living trust and a will, consider the following factors:
Cost and Complexity
Establishing a revocable living trust can be more complex and expensive than drafting a will. However, the potential savings from avoiding probate may outweigh the initial costs.
A revocable living trust can provide ongoing management of your assets during your lifetime, including if you become incapacitated. A will does not offer this level of protection and control.
For most people, there are minimal tax differences between a revocable living trust and a will. However, those with substantial assets or unique circumstances may benefit from specialized tax planning.
Which is Right for You?
Ultimately, the decision between a revocable living trust and a will depends on your specific circumstances, goals, and preferences. An experienced estate planning attorney can help you understand the advantages and disadvantages of each option and guide you toward the best choice for your situation.
Contact an Estate Planning Attorney at Heritage Law Office
If you need assistance determining whether a revocable living trust or a will is the best fit for your estate planning needs, contact our knowledgeable attorneys by using the online form or calling us directly at 414-253-8500. At Heritage Law Office, we offer remote, phone, and online appointments, ensuring you can receive our services wherever you are.