Do I Need a Will, a Trust, or Both?

 Posted on July 19, 2023 in Estate Planning and Probate

If you are just beginning to think about estate planning, you may be wondering what types of documents you need. Highly sophisticated estate plans may involve multiple types of trusts, each serving a different specific purpose, in addition to a will. However, most people do not need a plan this complex. Most people can address all of their testamentary estate planning using just one or two documents. One of the first things you will need to consider when you begin estate planning is whether to use a trust, a will, or both. While either may be sufficient by themselves in some situations, it is often advisable to use both. It is important to speak with an experienced estate planning lawyer who can help you make this decision. Your ideal estate plan depends significantly on your financial and family situations. 

Why Should I Use a Trust?

A trust is much more protective of your estate property, and often much easier for your beneficiaries to navigate. Property that is contained in a trust at the time of your death does not need to pass through probate. Probate can be expensive and time consuming for all involved. Control of your trust can pass directly to the person you have designated as your successor trustee. The successor trustee can begin making distributions to your beneficiaries with little oversight. 

Why Should I Use a Will? 

A will is the quintessential estate planning document. You can use a will to specify who should receive what property from your estate - although this can also be done using a trust. However, having a will is still important. If you have minor children, you must use a will to designate the person you would want to have guardianship of your children in case you pass away while they are still minors. While the court will still have the ultimate decision-making power in this regard, they tend to defer to the parents’ selection. 

Why Should I Use Both a Will and a Trust? 

Wills and trusts can strengthen each other. A type of will called a pour-over will can be used to “back up” a trust by transferring any remaining property not already in the trust at the time of the trustor’s death to the trust. Many also prefer to use their wills and trusts to serve different purposes. For example, a will may be used to appoint a successor guardian and pour remaining assets into the trust, while the accompanying trust is used to avoid probate fees and make distributions. 

Contact a Bexar County Estate Planning Attorney

Geoff Mayfield, Attorney at Law is skilled in helping Illinois families and individuals create the right estate plan to meet their needs. As an experienced Bexar County estate planning lawyer, Attorney Mayfield will strive to help you make the best decisions regarding the structure of your estate plan. For a complimentary consultation, contact us at 210-535-0870. 

Source:

https://www.investopedia.com/articles/personal-finance/051315/will-vs-trust-difference-between-two.asp