Estate planning is an important part of a persons life, as it effects many and has an impact after your passing. Engaging with the estate planning process is often confusing because of the many options and unclear legal language. One question that comes up early in the process goes, “Is there ever a time that a will is preferable to a revocable living trust?”
Trusts
Trust are important. Unlike wills, they get discussed between colleagues and friends and many people have them and modify them over time. Trusts can act a lot like wills in terms of managing an estate and guiding the probate process but they don’t carry the dread of a will, which is more associated directly with death.
From the perspective of an estate planning attorney, the main difference between a will and a trust is a simply a matter of cost. For most people, in terms of attorney’s fees, it costs more to set up a trust than to create a will. For estates that have real property (houses, land, vehicles), that have minor children, and that have significant assets, a trust is a much better way to go. Trusts offer more fine-tuned control of your estate and avoid certain costs associated with probate and taxes.
Wills
For smaller estates, ones that have a few key assets and few beneficiaries, a will is preferable. It is important to get the estate planning instrument that best fits your situation. A compassionate attorney offers the best options for your situation with an eye to the future. If things change, you can always add to a will, or create a separate trust. Planning for the future takes into account an understanding of your present situation.
At Clear Counsel Law Group, costs are competitive with the marketplace in terms of making sure that you get an outstanding product at a reasonable, transparent rate. Whether you need a simple will, a complex trust, or a healthcare power of attorney, flexible terms and payments are offered. For a complementary consultation, call Clear Counsel Law Group and get started on your plan today.