A will and a living trust are both important documents that can be developed for estate planning. A will outlines how you would like your estate handled in the event of your death. In your will, you can name an executor (whose job it is to execute the terms of your will), name the guardians for your minor children, and make your wishes known about how you would like your property distributed at the time of your death. A living trust is a legal document that places your assets into a trust that you can use during your life, but that can be transferred to your beneficiaries in the event of your death. The team at Kallemeyn & Kallemeyn understands the nuances of each and can help you determine whether a will or a living trust is better in your situation.
Benefits of a Living Trust
If you decide that you want to pursue a living trust to manage your assets during and after your death, you will avoid the need for a probate, which is always necessary if you use a will. This may also mean that the distribution after your death will be faster with a living trust than if you have a will in place. A living trust also offers you extensive privacy – your estate will be distributed without details becoming public record. The terms of a will become public record after your death.
Benefits of a Will
A will is an effective legal document that is less expensive than a living trust to draft and file. A living trust requires significantly more up front costs and expenses. While a living trust is only useful if your assets are placed in it, you do not have to fund your will. If your will is in place, it will be honored by the court in the event of your death.
Experienced Estate Planning Attorney
It is important to understand that every individual’s situation is different, so it is often helpful to consult with a knowledgeable attorney to determine whether a living trust or a will is a better fit for you. Charles Kallemeyn of Kallemeyn & Kallemeyn specializes in estate planning and can help explain both options to you, listen to your goals and needs and help determine your best path forward. For more information about the process of establishing a living trust or a will, call our team at 763-427-5131 for an estate planning consultation.