Trust vs. Will: What Is Best For You?
Most of us would prefer not to think about it until absolutely necessary when it comes to end-of-life legal matters. Despite our natural aversion to—and avoidance of—such topics in the Western world, it is imperative to be prepared for the inevitable.
Estate planning often feels incredibly intimidating, if not blatantly overwhelming, to the misinformed. Furthermore, it is commonly assumed that it is only required for the wealthy or those with considerable assets. However, everyone has a legacy to leave behind—meaning that estate planning is absolutely for everyone, no matter their socioeconomic status.
What is a Trust?
Grand Rapids law firms working to develop estate plans often find that their clientele becomes confused by the difference between a trust and a will. It is often assumed that they are essentially the same thing. While they do serve similar purposes—that is to say, the distribution of assets upon your death—but your specific needs will dictate which of these your attorney recommends for you and your family.
A will is often less complicated and a trust requires more regular reviews and updates. Trusts are generally considered to be the better option for business owners and those who want to control the distribution of money to named beneficiaries after death. In short, a trust is more specialized and intended for those with a more extensive array of assets.
What is a Will?
A will is typically executed by our clients who do not want to control the distribution of money after death and do not possess business assets that can complicate their estate plan. A will is relatively straightforward, and barring extreme circumstances does not require regular updates in the same way that a trust does.
It is generally advisable to execute a will if you wish to fast-track or streamline the process of asset distribution following your death. It provides reasonably simplistic guidelines for your surviving relatives and enables you to feel comfortable in the knowledge that your assets are being distributed accurately.
Speaking to a reputable and reliable local attorney about your estate plan is the best way to ensure that your unique needs are being met. If you are uncertain whether a will or a trust is the best route to take in your estate plan, consult a lawyer at Striegle Law for a consultation today. We will take our time to review your case and guide you graciously through the process.