Do I need a trust or is a will enough?

Question

I am trying to decide whether I need a living trust in addition to a will. My family is fairly straightforward, but I like the idea of making things easier if I become incapacitated and possibly reducing probate. How do professionals decide when a basic will based plan is enough and when the added work of a trust is justified?

Soradin · Accepted Answer

A will may be enough for a straightforward estate, while a trust can help with privacy, multiple properties, incapacity, or controlled distributions. In the estate planning context, a revocable living trust can hold assets during life and direct how they are managed after incapacity or death. In the estate planning context, it only controls property that is transferred to the trust or made payable to it, and it does not automatically eliminate taxes or creditor claims. The governing documents and applicable state law may point to a different outcome, which is why the details should be reviewed by a qualified professional before a decision is made.

Do I need a trust or is a will enough?

Soradin

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