Trust vs Will: Understanding Your Estate Planning Options

When it comes to estate planning, one of the most common questions is: “Trust vs Will – which is better for me?” At The Law Office of Francis O. Wey PLLC, we help you understand your choices so you can make informed decisions about your future and your loved ones.

What Is a Will?

A Will is a legal document that outlines how you want your assets distributed after your passing. It can also name guardians for minor children and specify other final wishes.

Key Points About Wills:

• Goes into effect after death
• Must go through probate (court process)
• Public record
• Can name guardians for minor children
• Can be updated or revoked at any time while you are alive and of sound mind

What Is a Trust?

A Trust is a legal arrangement where a trustee holds and manages assets for beneficiaries. Trusts can be used during your lifetime and after.

Key Points About Trusts:

• Can take effect during your lifetime
• May avoid probate, saving time and keeping matters private
• Can manage assets if you become incapacitated
• Offers flexibility for distributing assets over time
• Can include special provisions for unique family situations

Trust vs Will: Which Should You Choose?

The choice between a Trust and a Will depends on your goals, family needs, and the complexity of your estate. Here’s how they compare: