The Basics of a Revocable Living Trust vs. a Will

 Posted on October 15, 2012 in Estate Planning

There are two different tools of estate planning which sound the same but serve different purposes beyond leaving behind property to beneficiaries.  The two types of documents that can leave behind your wishes are living trusts and wills.  Not only can both name beneficiaries to property, including young children, but both are revisable as your wishes change throughout your life.  The ability to revise a document is also termed revocable in legal terms.

The difference between a trust and a will are in smaller details.  For example, with a trust, you have the ability to avoid probate altogether.  Probate is the very lengthy process of testing if a will in valid so that the property can be transferred to the new owners.  The process itself is lengthy and expensive.  A trust can also reduce any beneficiaries from contesting the estate in court because the integrity of the trust is absolute.

This doesn't mean to say that wills do not serve a purpose for estate planning.  It is with wills that guardians are named for surviving children and managers are named for their transferred property if they are under 18 years old.  It can also name an executor to the estate.  This person has the sacred duty to manage the estate until a time that it can be dispersed to those entitled to it.  These are the people who control the process from start to finish.

The differences are greater and can be outlined more specifically by an attorney.  They can advise you based on your specific situation and the loved ones you want cared for when you leave them.  Today is the best day to address your end of life concerns, so please contact a trusted estate planning in Wheaton as soon as you can.