Clients ask me daily, “which is right for me… a will or a trust?” They are really asking which should be the centerpiece of their estate plan. A basic will is great and establishes important things like a guardianship for minor children and a testamentary trust to protect inheritances from immature youths. On the other hand a living trust avoids probate after death which can save tens of thousands of dollars. Ya, but wills are less expensive than trusts. Ok, but trusts are private after death. The debate goes on and on…. They are both good. Neither is wrong.
In the meantime these clients have NEITHER. Thus you should pick one and get the Estate Planning Process started. You can always change later!
-John
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