Guide to Benefits of Living Trust Vs Will in Estate Planning

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If you are debating between a living trust vs will, don’t worry, you’re not the only person.
Both of these are very popular estate planning documents that serve a very similar purpose – to transfer your assets to your loved ones after you die. If you are debating between a living trust vs will, don’t worry, you’re not the only person.
Both of these are very popular estate planning documents that serve a very similar purpose – to transfer your assets to your loved ones after you die. While both can help you accomplish this estate planning goal, they do so in different ways.
It’s important to understand these differences so you can make the best choice about which estate planning document is right for you. In this article, we will be taking a look at the advantages of a living trust vs will in estate planning.
  Living Trust Avoids Probate Courts Can Find You the Love of Your Life   The first big advantage of a living trust vs will is the fact that a living trust avoids probate court, but a last will and testament does not. It’s a common misconception that a will avoids the probate process, but this isn’t true.
When you pass away, your will needs to go through probate before any of your assets can be distributed to your heirs. This can delay the transfer, especially if your will gets contested.
Additionally, probate can be expensive with additional court and lawyer fees, especially if your family needs to hire a probate attorney to help them through the process. A lot of people wish to avoid probate court which is why they choose a living trust vs will as the cornerstone of their estate plan.
  How Efficiently Transfer Your Assets Privately   Having a living trust in place allows you to pass your assets to your loved ones privately. That is because of the fact that a living trust avoids probate.
Probate is a public process. As a result, if you have a will vs living trust, the will and its contents will become public.
This is less than ideal for a variety of reasons. On the other hand, with a living trust the transfer takes place privately often in a matter of days or weeks after you pass instead of months, or potentially years.
  Who Really Uses Plan for Incapacity   When comparing living trust vs will, you need to be aware that a will does not allow you to plan for situations where you become incapacitated and can’t manage your assets on your own. That’s because a last will and testament only comes into effect after you pass away.
A living trust comes into effect the moment it is signed. As a result, the person you designate as your successor trustee can step in to manage your assets should you become incapacitated or pass away.
  Conclusion   Both wills and trusts are very popular estate planning tools that are often used as the cornerstone of a solid estate plan. While both help you achieve similar goals, the differences in the documents can have a significant impact when it is time to transfer your assets to your loved ones.
It’s important to understand these differences when comparing a living trust vs will so you can be sure to make the right choice based on your unique situation. For customized information based on your specific estate planning goals, it’s best to schedule an initial consultation with a will and trust attorney.
Source: Free Articles from ArticlesFactory.com Clea Smith is a USA based author on Legal issues related to estate planning, will & trust, business law and elder law. Clea Smith does his best writing on these topics that helps users to find the best solutions to their FAQ on estate planning, probate, living trust, Wills vs trusts and more about legal family issues.
Author Clea Smith can be reached through rochesterlawcenter.com.