Either a will or a trust may be appropriate for your estate depending on your circumstances and neither is best for all situations.
Which do you need more, a will or a trust? Or do you need both? Well, the answer really varies by person.
Forbes recently considered this question in an article titled “Wills vs. Trusts: What’s Best For Retirees?“
There’s really no reason not to have a will. A will is a testament that states your intentions as to how you would like your estate distributed after you pass. A will is a great idea to save your friends and loved ones much frustration and anxiety during the probate process.
A trust is, in essence, setting aside a gift (of property, investments, or money) for the benefit of another with some strings attached: you will name a trustee to care for the trust property for the beneficiary. For example, a trustee may be charged with holding the trust funds until the beneficiary reaches the age of 21, or the funds may only be used for education.
Speaking with an experienced estate planning attorney will help you determine how to set up your will and whether you might need to create a trust.
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If you need to speak with an experienced estate planning lawyer please contact us online or call us directly at 800.756.5596 to first register for one of our free, informative seminars. Your attendance will qualify you for a special discount for our estate planning services should you decide to make a free appointment at the conclusion of the seminar and choose to proceed with us. We proudly serve clients throughout California with offices in Torrance, Newport Beach, Orange, Woodland Hills and Pasadena.
