Is a Will or Trust Better for You?

There are many legal tools available when creating your estate plan and determining which one is right for you is of critical importance. Two common options are wills and trusts and each offers unique advantages based on your goals and needs. Understanding the purpose of each of these, as well as the benefits and differences can ensure you make informed decisions that are aligned with your long-term objectives. Below, our Utah estate planning attorney explains more about these tools.

What is a Will? 

A will is a legal document that outlines how you would like your property distributed after you pass away. Not only can you make your wishes regarding your property clear, but a will also allows you to name a guardian for your minor children and appoint a personal representative who will handle estate administration after you are gone. A will can provide direction and clarity, meaning your beneficiaries can avoid confusion and possible disputes.

Wills are also typically straightforward and cost-effective, but they also must go through the probate process. In fact, one of the first steps during probate is to prove, or validate, your will. For people with smaller and less complex estates, a will is a practical choice for ensuring estate distribution aligns with their personal preferences.

What is a Trust? 

A trust is another legal tool used in estate planning. Grantors, or creators of a trust, can transfer property into the trust for management. Grantors can typically manage and control the assets within a trust during their lifetime. After a grantor passes away, a successor trustee takes over management of a trust and distributes the property within it to beneficiaries, according to the provisions of the trust.

Unlike wills, trusts are not typically subject to the probate process. This can result in a quicker distribution of property and ensure confidentiality for beneficiaries.

Which One is Better for You? 

Determining whether a will or trust is best for you depends on many factors. These include your individual goals, the complexity of your estate, and the facts of your personal situation. For straightforward and simple estates, a will is often enough. However, trusts can provide more precision and flexibility for families with minor children as well as people with multiple properties or specific tax concerns. It is important to consult with an estate planning attorney who can ensure your needs are met with the appropriate legal tool.

Call Our Utah Estate Planning Attorney Today 

When trying to protect your loved ones, your legacy, and your property, choosing the right estate planning tool is of critical importance. Regardless of whether you choose a will or a trust, your estate plan should reflect your priorities and goals. At AGS Law, our Utah estate planning attorney can help you create a customized plan that addresses all of your needs, whether they are straightforward or complex. Call us now at 801-477-6144 or contact us online to schedule a consultation with our experienced attorney and to get the legal help you need.

Sources:

le.utah.gov/xcode/Title75/Chapter7/C75-7-P6_1800010118000101.pdf

le.utah.gov/xcode/Title75/Chapter2/C75-2-P5_1800010118000101.pdf