Living Trust vs. Will: Which One is Right for You?

Estate planning involves crucial tools like wills and living trusts, both serving the purpose of ensuring asset distribution according to your wishes. Wills provide clarity on asset distribution. Living trusts offer flexibility, privacy, and asset protection. Choosing between them depends on estate complexity, family dynamics, and your specific goals.

Here’s how to decide which one is right for you:

Living Trust

A living trust is a legal document that allows you to transfer your assets into a trust while you’re still alive. You can serve as the trustee and maintain control over your assets, but you’ll also name a successor trustee to take over in the event of your death or incapacity. Here are some of the benefits of a living trust:

Avoiding Probate

Like a will, a living trust allows for the transfer of assets to your beneficiaries after your passing. However, unlike a will, a living trust can help your beneficiaries avoid the probate process, which can be time-consuming and expensive.

Control Over Distribution

With a living trust, you can specify how and when your assets are distributed to your beneficiaries. This allows for more control over your assets and can help ensure that your wishes are carried out.

Protection from Creditors

Living trusts can provide protection for your assets from creditors. This is especially important for business owners or those with significant assets.

Will

A will is a legal document that specifies how your assets will be distributed after your passing. Here are some of the benefits of a will:

Naming a Guardian

With a will, you can name a guardian for any minor children you may have. This is an important consideration for parents.

Simplicity

Wills are generally simpler and less expensive to create than living trusts. This can be a good option for those with simpler estate planning needs.

Flexibility

Wills provide flexibility in estate planning. You can update your will as your circumstances change, which can be useful for those who anticipate changes in their life.

In conclusion, choosing between a living trust and a will depends on your unique circumstances and estate planning goals. At Perez-Roura Law, we can help you determine which tool is right for you and create a comprehensive estate plan that meets your needs and goals. Don’t hesitate to call us at 305-570-3259 to schedule a consultation and start your journey towards peace of mind.