Every person has to make plans for the future.  These plans will eventually include plans for after death.  There are two options for people making such plans.  You can either create a trust or will.  You might be wondering, “Should I make a trust or a will?”  There are differences between these two procedures and it is up to each individual to decide which suits them best.

There are three things you need to consider when debating between a trust or a will.  First, the probate is the legal procedures needed to be undertaken when someone dies.  These include administrative duties all having to do with a person’s estate.  It is a long arduous process that can be expensive.  The second thing that needs to be considered is estate tax.  Unless the estate exceeds $3.5 million you will not have to deal with this.  The last thing you should think about is the way you own your assets because this prevails even when you are dead.

When you have a will there are both advantages and disadvantages.  When properly prepared, your will can be an easy thing to deal with.  It is quite inexpensive to have a will drawn up.  There are certain disadvantages which include the probate.  The probate is the process of administering the assets by the executor.  This can take up many months and is subject to many fees such as attorney expenses and court costs.  However the will and estate is not subject to probate taxes and costs.

If you decide to go with a trust you will have a lot of advantages.  You can avoid the probate, have more professionalism when your assets are being administered and qualify for a tax advantage if you are married.  The cons of using a trust is that it is more expensive and difficult to create.

Your decision whether to use a will or a trust is entirely personal.  Each individual has their own choice and should not be coerced into something they do not want.  You should consider the value/nature of your assets, whether you want to bear the expenses now (trust) versus after death (will), your lawyer’s advice, and the relatives/people you are leaving behind.

If you are looking for advice on creating a will or trust, you should seek professional help.  Use TalkLocal to be put in contact with reliable local law offices.  You don’t have to do any work! Simply tell TalkLocal your issue and availability and–within minutes–you will be connected with a qualified company.  TalkLocal does all the work and you will have someone who is ready to help you on the phone almost immediately.

This entry was originally posted on Tuesday, July 31st, 2012 at 10:00 am and is filed under Lawyers - Family. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.