Trust or Will: Which One is Right For You?

Whether you need a will or a trust in your estate plan is dependent on numerous factors, especially your income, the value of your assets, and how taxes will impact your estate. Clients with higher incomes or highly-valued assets tend to require more complex estate plans. 

A living trust that is revocable can be a good choice if you want to be able to update the terms of the document any time in the future. Trusts can provide a layer of privacy that is not available to estates going through the probate process. Having a trust also requires a trustee who manages the administration.

Although a trust is more complex than a basic will and allows for the avoidance of probate, trusts can also be highly flexible and tailored to your needs. There are some situations where a will is absolutely a must, such as for couples with minor children. In this situation, wills may allow for the creation of a testamentary trust so that an adult can manage money for minor children who are not eligible to inherit money.