Which One Is Better — A Trust or a Will?
We’re going to talk about whether you should have a trust or a will today. Which one’s better? And why do you need one or the other?
Well, a trust is going to avoid something called probate. A will does not avoid probate and it makes you go through the court process. So take control of your property, it will appoint someone in charge based on your will, and then they will administer it, could take about a year or two before you could even do anything with the property.
Or the beneficiaries will have ultimate use of the property and it goes into their name. As opposed to when you have a trust, the trust will control and will completely take away the courts in most cases. And they could do this in an attorney’s office, in a matter of a couple of weeks even. So it is a huge benefit to have a trust instead of just having a will.
Now I say that because if you have a trust, you will need to make a special type of will called a pour-over will which basically says that anything that I forget to put in my trust shall go into my trust if I pass away. And that’s it. You have both of those documents then you are set from that trust point of view. There’s obviously some more documents you need with that, like a power of attorney, a healthcare power of attorney, HIPAA waivers, you might need a property agreement, but all of those usually are in a package when you get a living trust.
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