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)
Utilize power of attorneys to provide protection in case of incapacitation
Ensure guardianship for minors using a will
Trusts
You retain control of your assets while alive and capable
In the event of your incapacitation, a trust offers clear instructions for managing your affairs without court involvement
Trusts bypass probate, expediting beneficiary access to your assets
Trusts provides privacy for you and your heirs
You can set restrictions on your assets, which is helpful for families with minor children, blended families, or adult children who could experience divorce
Families with significant estate assets (over $3 million) can use trusts to minimize the estate tax burden
Limitations
Wills
If incapacity happens, court involvement may be necessary to appoint a guardian, and your guardian would be subject to court monitoring
Setting limits or restrictions on gifts is difficult using wills
Assets in your will are passed through probate and become public records
Wills are potentially more expensive to execute upon your death than a trust-based plan if there is a contested probate
Trusts
Trusts can be expensive to manage after your death if a corporate trustee is needed
Trusts are more expensive and take more time to create than a will
Trusts are only effective if you "fund" the trust
Trusts are more complicated legal documents than wills, and your family may need more support from an attorney to understand the requirements
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 adult children who will receive equal shares
your net assets are under $40,000
you want a plan in place that is straightforward and don’t require specific instructions on how your assets should be managed
privacy is not a huge concern
WHEN TO USE A TRUST
you have minor children
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, all for a fraction of the price.
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 15-min consultation with our attorney for advice.
Hi! I’m Jayme.
I’m an estate planning attorney in Rockford, IL.
I help individuals and families in Illinois and Wisconsin build their legacy estate plan 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 I will make sure to protect those you cherish most!