What are the pros and cons of setting up a living trust versus a will? by @R44D
Answer by Raad Ahmed:
A living trust is essentially the management of an estate outside of probate. A probate is when the court assists in managing a person’s affairs upon their death. Some people view a living trust as a less expensive and less time-restrictive option, but it does not come with the same oversight as you will get through having a will.
To answer your questions completely here are a list of advantages of each situation.
Living trust includes:
-Notates beneficiary of property
-Keeps privacy intact (it is not considered a public document)
-Requires signatures to be notarized
-Requires a witness
-Names guardianship of young children
-Names how and who will manage property and assets of young children
-Easy to draft
-Names an executor of the estate
-Thorough instruction of how debts should be paid
In many situations, people elect to have both a living trust as well as a will. For many, they feel that having these things squared away simplifies the process for their family. If you are undecided about which direction you should go, it is best to consult the advice of a knowledgeable attorney.is a perfect place to do just that. The attorneys on our site have experience helping you decide the best way to manage your estate. If you are ready to tie up loose ends so that you family doesn’t have to, please contact us today for a free initial consultation.