How do you know if you need a WILL versus a TRUST?
A Will is a legal document that allows you to distribute your property to those you choose. A Will must go through Probate Court which can be very expensive and time consuming. A Will comes into play only AFTER you die, while a a Trust comes into play while you are living as well.
A Will may be a great start to a basic estate plan, but many may want to consider setting up a Revocable Trust instead.
A Revocable Trust replaces your Will and does not have to go through Probate Court. While a Will becomes a public record, a Trust remains private. Further, a Trust takes care of your financial affairs while you are living, for example, in the event that you were to become incapacitated. A Trust can also save you on estate taxes and protect your children’s inheritances from ex-spouses or creditors. It is important to speak with an experienced estate planning attorney to create an estate plan specific to your needs.