Do you need a will trust or both
A will must go through probate before assets get distributed to heirs, whereas a living trust does not. Here are some key differences:
Will:
Will:
- Easier to contest
- Document becomes public at death
- Slower distribution of assets
- Estate tax may apply
- Lower cost
Living trust:
Living trust:
- Harder to contest
- Document remains private
- May be useful before death
- Faster distribution of assets
- May shield assets from estate tax (for irrevocable trusts)
- Higher cost