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What is the Difference Between a Will and a Trust?

October 19, 2017

 

If you are thinking about an estate plan, an initial question may be whether you should use a will or a trust.  These are two different documents.  Because both documents explain how you want your assets distributed after you pass, there is confusion that they are nearly identical and you can chose one or another without significant differences.  But, that is not the case. 

 

A will is generally a simple document that details how you want your property distributed upon your passing, but it does require a court process to carry out those wishes.  This court process is called probate.  Probate is a costly process that takes approximately 18 months to complete and have fees associated with the court process which average 6 to 7 percent of the property value.

 

While a trust is a bit more complex, but has the advantage normally avoiding probate court entirely.  A trustee will manage the trust, which can be an effective way to manage ongoing business interests, real estate investments or care for minor children’s finances.  It is also very helpful in the case of incapacitation. 

 

Contact Attorney Andrea K. Shoup at 951-445-4114 today to see if a will or a trust is the best solution for you and your family.

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