Should you choose a will or a trust?
Choosing between a will or a trust can be a difficult decision! Both wills and trusts are estate planning tools that help you reach a similar goal — allow you to choose how your assets and property will be managed after your death or if you become incapacitated.
However, the choice that will work best for you depends on your unique circumstances
Wills and trusts each offer advantages and disadvantages in specific situations. Understanding the distinction between a will and trust is essential.
In order for you to make an informed decision, I encourage you to explore the key differences between the two estate planning techniques.
There are different estate planning techniques used to fit your goals. Contact an estate planning lawyer for estate planning advice.
Benefits
Wills
You retain control of your assets while alive and capable.
After signing your will, there's minimal paperwork involved (unless you need changes). You file the documents in a safe space and tell your executor where you stored the documents.
You name a guardian for minors using a will.
Trusts
You retain control of your assets while alive and capable.
In the event of your incapacity, a trust provides instructions for managing your affairs without court involvement.
Trusts bypass probate, which expedites beneficiary access to your assets and can reduce the potential for challenges to your decisions.
Trusts do not have to be filed with the court and provide privacy for you and your heirs.
You can set limits on how your beneficiaries access the assets you leave for them. This can be helpful for families with minor children, blended families, or individuals who want to help their beneficiaries safeguard assets from creditors, divorce, or dissipation.
Families with significant estate assets can use trusts to minimize the estate tax burden
Limitations
Wills
If you become incapacitated, court involvement may be necessary to appoint a guardian, and your guardian would be subject to court monitoring. A will offers no guidance for what should happen to your assets while you are alive.
Information on assets that are included in your probate estate become public records.
Wills must go through the court system, which increases the chances that there will be a contested estate issue.
Trusts
Trusts are more expensive and take more time to create than a will
If you need to use a corporate trustee, there are continuing costs of managing the trust.
Trusts are more complicated legal documents than wills, and your family may need more support from an attorney to understand the requirements
You cannot “set it and forget it” with a trust. As you acquire new assets, you must remember to move new assets into the trust to keep them out of probate.
Which plan is right for you?
While each person’s plan will be different based on situations and personal preferences, we have laid out some general guidelines on which plan will work best for you.
WHEN TO USE A WILL
you are an individual with no children or responsible adult children who will receive equal shares
your likely probate assets are under $50,000 in Wisconsin or $100,000 in Illinois
you want a plan in place that is straightforward and you don’t require specific instructions on how your heirs should use the assets
privacy is not a concern
WHEN TO USE A TRUST
you have minor children who are not ready to manage money or financial assets
you have a blended family and want to make sure you take care of your spouse and your kids from a previous marriage
you have assets that you have specific requests on how, and when, your beneficiaries should use it
you have an ex-spouse that you want to prevent from managing money that is given to your minor children
you have unique circumstances or needs that you would like to be addressed
RESOURCES
Our Estate Plan Packages
Want to learn more about our will vs trust plans?
Build Your Legacy with Us
Estate Planning on Your Own Terms
Are you curious about what an estate plan entails? Struggling to decide between a will and a trust that aligns with your unique circumstances?
We offer an innovative approach to estate planning. We took the convenience of online estate planning tools and combined it with the local expertise of traditional estate planning. We don’t require hours of meetings in a downtown office to come up with a plan that works for you.
Begin your journey with us today, and we'll ensure that your needs are addressed, your wishes are meticulously planned for, and you feel confident in your estate plan. When you work with us you can rest assured knowing that your loved ones and affairs will be expertly cared for.
Need Help?
Contact Our Office
For questions about our firm, our estate planning process, or for assistance, please email our office. We are open from Monday-Thursday 9am-4pm. Email jayme@cherishlegal.com.
Schedule a Consultation
If you are unsure which plan to choose, schedule a consultation with our attorney for advice.
Hi! I’m Jayme.
I’m an estate planning attorney based in Deforest, Wisconsin.
I help individuals and families in Illinois and Wisconsin build their legacy estate plan, easily and 100% remotely. My top priority is to ensure that your loved ones are taken care of when life throws you for unexpected turns.
Join me and together we will protect those you cherish most!