Will vs. Trust: What's the Difference and Why Does it Matter?

-Will vs. Trust: What's the Difference and Why Does it Matter? | Estate Planning Explained
Welcome to our channel! In this video, we break down the key differences between wills and trusts, two essential tools in estate planning. Understanding these differences can help you make informed decisions to protect your assets and loved ones.
Key Takeaways:
Wills:
- Definition: A legal document outlining how your assets should be distributed after your death.
- Effectiveness: Takes effect only after death.
- Probate: Must go through the probate process, which can be time-consuming and costly.
- Public Record: The contents become public during probate.
- Flexibility: Simple to create and modify.
Trusts:
- Definition: A fiduciary arrangement where a trustee holds assets for beneficiaries.
- Effectiveness: Living trusts take effect immediately; testamentary trusts take effect upon death.
- Avoids Probate: Assets in a living trust bypass the probate process.
- Privacy: Trusts are not typically public.
- Control and Flexibility: Offers greater control over asset distribution and management.
Why It Matters:
Choosing between a will and a trust, or using both, depends on your estate's size, your privacy concerns, costs, and the level of control you want over asset distribution. Larger estates may benefit from the flexibility of trusts, while simpler estates might only need a will.
Conclusion:
Both wills and trusts are crucial for comprehensive estate planning. For personalized advice, consult with an estate planning attorney to create a plan that best suits your needs.
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