Living Trusts vs. Wills: Which Is Best for You?

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When making plans for your estate, two of the most common vehicles worth considering are wills and living trusts. Both wills and living trusts are ways to distribute your property after your death, but they operate in different ways and have their pros and cons.

Understanding the Basics

A will also allow you to designate guardians for minor children and express any funeral or burial wishes. However, a will must go through probate, which is a time-consuming and expensive court-supervised process. In contrast, a living trust allows you to transfer your assets into a trust while you are alive. After your death, the assets pass directly to your beneficiaries. Since living trusts avoid probate, a trust typically leads to quicker distribution and more privacy. Living trusts are particularly valuable if you own real estate in other states, as they will prevent your estate from going through probate in every state where you own property.

Cost, Control, and Complexity

Wills typically require less effort and resources to create. As such, wills can work nicely for those with relatively small estates, modest and uncomplicated family situations, or situations that do not require the same level of control as a living trust. Wills simply do not provide the flexibility and control that trusts provide regarding post-death distributions of assets. While living trusts require not only more effort but also more resources at the outset because you have to essentially transfer property into a trust, trusts allow more flexibility and control; for example, you can set conditions about when and how your beneficiaries receive an inheritance. Living trusts are potentially easier to manage while you are alive, especially if you become incapacitated.

Which one you choose will depend on your situation. For example, if you are just looking for a simple and inexpensive way to distribute your estate, a will might work for you. If you are concerned about privacy, potential delays due to the courts, and poor heir management in the event of your incapacity, a living trust will be a better option. An estate planning and probate lawyer in Lake Charles,Louisiana, will help you make the most informed choices.

 

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