Estate Planning

Wills and Trusts FAQs

What is Better, a Will, or a Trust? 
A trust will streamline the process of transferring an estate after you die while avoiding a lengthy and potentially costly period of probate. However, if you have minor children, creating a will that names a guardian is critical to protecting both the minors and any inheritance. Deciding between a will or a trust is a personal choice, and some experts recommend having both. A will is typically less expensive and easier to set up than a trust, an expensive and often complex legal document.

Do You Need Both a Trust and a Will? 
Nearly everyone should have a will, but not everyone most likely needs a living or irrevocable trust. If you have property and assets to place in a trust and have minor children, having both estate-planning vehicles might make sense.

Does a Will Override a Living Trust? 
A will and a living trust are two separate legal documents. One doesn't usually trump another, but if the issue arises, a living trust will most likely override a will because a trust is its own entity.

How Much Does it Cost to Set Up a Trust? 
The cost to set up a trust depends on various factors, including the type of trust, the state you live in, and how complex the legal document.

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