Revocable Living Trust vs. Will

There are many advantages and disadvantages to consider when deciding between a revocable living trust and a will for your estate planning needs. A Fremont estate planning lawyer can help you determine which the best option in your case, whether it be a will or a living trust, and help you draw up these documents, ensuring that your final wishes for your property and assets are carried out as you directed.

Revocable Living Trusts

A revocable living trust, also known as a living trust, has gained popularity in recent years. This is because a living trust does not have to go through probate after the individual passes away. Probate court can be costly, usually costing about 3-10% of the value of the estate, and can take as much as 2 or 3 years to have properly settled. When you set up a living trust, you are the Trustee. However, you also name a successor, so that when you pass away, the estate passes to the successor, who will then carry out the terms directed within the trust. In this way, the assets pass on to the beneficiary immediately without being held up in probate court.

Wills

One of the major advantages to having a will is that your estate does not transfer out of your hands at any point. In a living trust, your estate will be transferred to the trust. A will must go to probate court after your death. Larger estates can take much longer to get through probate, years in some cases. Making decisions about how to arrange your estate is an important matter; you need to have legal counsel that can advise you and give you accurate information upon which to base your decisions.