Will vs. Trust—How Do You Decide?


willThe difference between a will and a trust is that a will details how you want your assets to be distributed once you die and a trust is how you want your assets controlled while you are alive.
A trust is where your house and large expenses are held and it keeps the details of your final wishes private and controlled by a successor trustee once you pass. A trust is not up for debate by the court and successors immediately receive the assets.
If you have a large estate, a trust is extremely important as there are no gray areas and you have full control over it as the trustee. If you become disabled or pass away, the successor trustee(s) take it over. It’s important to get on a trust as soon as possible if you are interested in one to ensure it falls into the right hands and someone who has your best interest in mind.
The downsides to a trust are that preparing one is costly and a tedious process. The only way for a trust to be effective is by funding it and transferring all the assets under its name. From there, it needs to be updated constantly and accordingly.
Aside from a trust, everyone should have a will. This document details exactly where you want every belonging to be distributed to from your home and car to your watches and furniture. Don’t let any of it be up for debate. A nonexistent or poorly written will can be a headache for families.
To set up for trust or will, you can reach out to one of our Approved Vendors for assistance.

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