06/09/2017
Will or a Trust?
This is a common question that comes up in discussion with new clients. Each document comes with its own pros and cons. Determining which document is right for you is part of the estate planning process. Evaluating what assets are in an estate, the size of the estate, and where assets are located are all factors in making a recommendation.
With that said, a few general takeaways are:
1. Wills are usually simpler than a Trust,
2. Unlike Wills, Trusts generally require active administration during your lifetime,
3. Wills can name a guardian for minor children, but Trusts cannot, and
4. Trusts can avoid probate (if properly administered and funded).
If you're trying to decide on what estate planning is right for you, give me a call at (253) 514-9448 to set up a meeting.