Should I Choose a Will or Trust? Understanding Your Estate Planning Options
When it comes to estate planning, there are two main options to consider: a will or a trust. Both documents serve important purposes and can help ensure your wishes are carried out after your death. However, choosing the right one for your unique circumstances can be a difficult decision. Here’s what you need to know about wills and trusts and how LegacyWise can help.
A will is a legal document that outlines how you want your assets distributed after your death. It also allows you to name an executor to handle the distribution process. However, it’s important to note that a will must go through a court process called probate. This means that the court will oversee the distribution of your assets and ensure that your debts are paid. Probate can be a time-consuming and costly process, and the details of your estate will become public record.
A trust is a private document that outlines your estate plan and can help you avoid probate. With a trust, you transfer ownership of your assets to the trust, which is managed by a trustee of your choice. This means that your assets can be distributed more quickly and with less cost than probate. Trusts can also provide additional benefits such as tax planning and asset protection.
So, how do you choose between a will and a trust? It depends on your individual circumstances. If you have a smaller estate and don’t have concerns about privacy or avoiding probate, a will may be sufficient. However, if you have a larger estate or want to ensure your privacy and avoid probate, a trust may be a better option.
LegacyWise offers a simple and affordable way to create a customized estate plan that meets your unique needs. Our system offers both wills and trusts, and our staff can help you understand the differences and choose the right option for you. We also offer customizable documents that address unique family structures and life circumstances.
At LegacyWise, we believe that estate planning should be accessible to everyone. Our pricing is based on a sliding scale based on income, and we offer payment plans and grants for those in need. We even offer reduced fees for those unable to pay, with support available from others to cover the $1 fee.
While LegacyWise does not offer tax planning or legal services, our system is a great way to get started on your estate planning journey. Our staff is available to answer any questions you may have as you build your own documents. And if you need legal advice or services, we can refer you to a nearby attorney for signing and follow-up questions.
In conclusion, choosing between a will and trust is an important decision that should be based on your individual circumstances. LegacyWise offers both options, along with affordable pricing, customizable documents, and a simple, done-in-a-day system. Let us help you create an estate plan that gives you peace of mind and ensures your wishes are carried out.