During this Winning Wednesday Lisa Ward and Gabriela A. Vega come together to discuss the differences between various types of estate planning including the differences between wills and trusts and the potential advantages to each.
Many are under the misconception that the best way to build an estate plan is to have a will established, whereas Lisa Ward points out that wills can have many associated costs that are involved in the process of carrying out a will. Many do not understand that a will requires a probate court to come in and appoint a person to execute the detectives of the will and requires a published notice to creditors before property can be distributed.
On the other hand a trust establishes a trustee who can carry out the directives of the trust, does not require intervention by the court and can avoid many of the associated costs that come with a will post passing. Furthermore a trust can establish co-trustees such as a couple children that can be decisions for you as you age and after you pass. However a trust doesn’t limit the amount of control you have over your property and its passage as you can be as specific as you wish in the instructions laid within the trust.
Learn more about wills, trusts and estate planning more broadly in the our Estate Planning Basics Winning Wednesday episode that follows.
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