Deciding how to distribute your wealth and belongings after you’re gone is a difficult process. Understanding the difference between a will and trust can help you decide which of these two estate planning documents is right for you.
Key Questions to Ask When Choosing Between Writing a Will or Establishing a Trust
When it comes to deciding between writing a will or creating a trust, there are several important questions you should ask yourself. For instance, do you want the document you create to be revocable or irrevocable? Do you need special planning for assets such as businesses and retirement accounts? Are there any tax-related benefits to setting up a trust rather than a will? What provisions should you include in either document in order to ensure that your assets pass on according to your wishes? Answering these key questions can help ensure that the estate plan you choose is the best fit for your individual goals.
Here is a cheat sheet with some basic questions to help you decide whether a will or trust makes sense for you.