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Comparing the benefits of wills and trusts

One of the most important parts of planning for the future is having a comprehensive estate plan. Nevada residents who want to ensure their loved ones are cared for and their assets are allocated according to their wishes should think about wills and trusts. The individual goals and circumstances will be fundamental factors in deciding which to choose.

People will generally place greater emphasis on either a will or trust. The function of the will or trust is imperative. A relatively straightforward strategy is to have the assets in the testator’s name and distribute the assets in a will. Another option is to formulate a revocable living trust where the trust agreement will dictate the distribution.

When selecting one or the other, it is important to remember that with a will, probate is necessary. If it is a trust, there will not be probate. The problems with probate include its cost and the amount of time it will take. Another consideration with probate is its lack of privacy. The public has access to it. Wills also have a greater likelihood of being challenged. Legally, challenging a trust is more difficult than challenging a will.

The efficiency of a trust is perceived as a benefit. Adhering to the legal requirements of a trust is critical to its success. Preparing a will is often less costly than preparing a trust. The person who creates a trust is generally the trustee. After the person passes away, the trust itself will dictate how the properties will be distributed. When deciding whether a will or trust is the best choice and how to handle probate issues, distribution of property and more, a legal firm that understands will planning, trusts and other aspects of estate planning might be able to help.

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