Certain estate planning documents may apply to you in general, but for other situations you may wish to have a trust or a will rather than having both. Many people have a basic understanding or what a will or a trust is and may already have formed an opinion about which one is better for making plans for your future.

There are pros and cons to both. The primary difference between a will as a trust is that a will is a document that sits there over the course of your life, but does not become active until you pass away. The instructions provided in the will only become active after the person who created it passes away. A trust can be managed in the same way, but a revocable trust can also be changed while you are still alive.Closeup of a hand signing a last will by  pen.

One of the biggest advantages of having a trust is enhanced privacy and greater clarity. When you file a will, it is quite possible that you update this document over the course of your life, increasing the chances that someone may allege that it is no longer valid leading to will conflicts that can be expensive and time consuming after you pass away.

A trust, however, clearly articulates your goals and is thoroughly reviewed by your attorney before you create it. This can give you peace of mind that your assets are going to be distributed in a way in which you have determined, without the additional concern of people coming forward and trying to argue that the trust is not valid after you have passed away. Consulting with an estate planning attorney is the only way to know for sure, whether a will, a trust or a combination of both is going to be beneficial for your estate planning purposes.

 

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