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Contributed by Noelle Fauver, community outreach manager for Trust & Will. This post originally appeared on the Trust & Will website and has been modified here with permission.
You’ve heard the terms “will” and “trust” from an estate planning perspective, but do you understand the difference between each? And, do you know which plan will best protect your family and assets?
Let’s break down what you need to know about wills and trusts in estate planning.
Will vs. Trust
While wills and trusts have overlap, there are also critical differences between the two. Ultimately, both methods specify who will receive your assets. They just do it in different ways, each with advantages and disadvantages. One big difference is in how and when they take effect. Wills don’t go into effect until you pass away, whereas a trust is effective immediately upon signing and funding it.
It may be easier to think of a will as a “simple” document. Wills allow you to:
• Name guardians for kids and pets
• Designate where your assets go
• Specify final arrangements
While it is an easier process, the simplicity of a will comes with drawbacks.
For example, wills offer somewhat limited control over the distribution of assets. They also most likely have to go through some sort of probate process after you pass away.
A trust is a bit more complicated, but can provide great benefits. Trusts:
• Offer greater control over when and how your assets are distributed
• Apply to any assets you hold inside the trust
• Come in many different forms and types
Keep in mind that after you create a trust, you must fund it by transferring assets to it, making the trust the owner. This does make trusts a little more complex to set up, but trusts have one major benefit over Wills: They’re often used to minimize or avoid probate entirely, which can be a huge plus for so… Read More
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