Do you need a will? Would a trust be a better choice? Check out answers to these basic questions in the following easy-to-read summary.
Wills—Advantages and Disadvantages
Advantages
• Easy to Create: You can create a will without hiring a lawyer, although this may result in problems. A basic will created by a competent attorney will avoid common mistakes.
• Cost-Effective: Making a will is usually less expensive than creating a trust.
• Change: You can change your will anytime if your wishes change.
• Asset Management: You can control how and when assets are distributed, even after you pass away. For example, you may determine that a child receives an inheritance at age 30, not at the time of your death.
Disadvantages
• Probate Process: Your will might be required to go through probate. This process may take longer to give away your cash and property. Probate involves attorney fees and court costs, but for a simple will, these costs are usually minimal.
• Public Record: Wills become public documents after probate, so anyone can see who received your property.
Trusts—Advantages and Disadvantages
Advantages
• Avoids Probate: Property or cash in a trust can often be distributed without going through probate.
• Privacy: Trusts are private documents and are not part of public record. No one will know how your property was distributed after your death.
• Asset Management: Just as with a will, you can control how and when assets are distributed, even after you pass away. For example, you may determine that a child receives an inheritance at age 30, not at the time of your death.
• Continuity: Trusts can continue to manage assets if you become unable to provide direction during your lifetime. For example, if you are diagnosed with dementia or have other mental issues, the trustee can manage your property.
Disadvantages
• Cost: Creating a trust can be more expensive than making a will, especially for complex trusts.
• Complexity: Trusts can be more complicated to maintain than wills. All property or cash you buy or receive will need to be added to your trust after the trust is created.
• Requires Funding: You need to transfer all assets into the trust at the beginning and continuously for the trust to be effective.
Need help with questions about a will or trust?
At Weaver Firm – Attorneys, our lawyers create and update wills and trusts every day. We’re glad to help you look at your options and move forward with the best legal documents for your family.
Give us a call today at 817-638-2022 to schedule a lawyer consultation in person, by phone, or on Zoom. Our office is located at 2650 FM 407, Suite 245, in Bartonville Town Center.
Check out our website at WeaverLegal.net to learn more. We’re proud to serve families living in Robson Ranch, Argyle, Bartonville, Lantana, Denton, Decatur, and the surrounding area.