TRUST v. WILL – Comparison Chart
| TRUST v. WILL | TRUST | WILL |
|---|---|---|
| Describes your wishes for your estate (“who gets what,” etc.) | YES | YES |
| Can be used as an asset management tool during your lifetime | YES | NO |
| Only becomes effective after death | NO | YES |
| Requires you to list your assets and designate “who gets what” | YES | YES |
| Requires you to re-title your assets | YES | NO |
| Requires a Trustee to administer your Estate after death | YES | NO |
| Requires court supervision (probate case) after death | NO | YES |
| Sets a short time frame in which creditors can make claims against your Estate | NO | YES |
| Provides liability protection for your personal assets | NO | NO |
What is right for you or your family?
There are benefits and disadvantages to both Trusts and Wills; however, most people choose to create a Trust rather than a Will, because a Trust can provide greater flexibility during one’s lifetime and after death. A Trust also works to avoid having to go to court to settle your estate (if the Trust is established and managed correctly), which can help reduce attorney fees and court costs.
Already have a Trust? Need an update or amendment? Contact Us, we’d be happy to assist you!