Do I Need a Will or a Revocable Living Trust?

When creating an estate plan, many people assume a revocable living trust is automatically better than a will. The truth is, there is no one right choice for everyone. It depends on your assets, family circumstances, and planning goals.

Why Should I Choose a Will?

For many people, a will-based estate plan is effective and fits their needs. It offers several advantages, including naming beneficiaries, choosing an executor to manage your estate, and specifying how you want your property distributed after your death. It is generally less expensive to create and simpler to maintain than a revocable living trust.

Why should I Choose a Revocable Living Trust?

A revocable living trust offers additional benefits, such as avoiding probate. It also provides greater privacy and makes post-death administration easier. A trust can also provide for a successor trustee to step in and manage the trust’s assets if you become incapacitated.

However, creating a trust is only the first step. It must be properly funded by transferring or retitling the appropriate assets to the trust. This process takes time and effort. A trust is just an expensive piece of paper if it is not funded properly.

Also, contrary to a common misconception, a standard revocable living trust does not automatically protect your assets from creditors or from long-term care costs.

Concerned about Probate.

Many assets can also pass outside probate through beneficiary designations or other forms of ownership, making a trust unnecessary for some families. In such cases, a will might be a better fit.

There is no one-size-fits-all answer. An experienced elder law or estate planning attorney can evaluate your circumstances and help determine whether a will, a revocable living trust, or another planning strategy best suits your goals.

At Hurley Elder Care Law, you meet with an experienced elder law attorney at your first meeting to ensure the plan fits your needs. Call us today at 404-843-0121 to start creating your estate plan.