do i need a will or a trust or both

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What is the difference between a will and a trust?

The main difference between wills and trusts is that wills take effect after you die, while trusts can take care of your assets while you’re still alive. Also, trusts can help an estate avoid probate, the court process for distributing your property; wills, on the other hand, typically must go through probate.

Should I get a will or a trust?

Get a will! Just a trust: A trust might be better if you’re older, your kids are grown, and your estate is worth at least $1 million. This way, you can avoid probate in a way that wills don’t allow. Both a will and a living trust: You might need both if you have a large estate and dependents.

Can I use a will and a trust in my estate plan?

Using both a will and a trust in your estate plan is possible. This can be beneficial in managing different types of assets or addressing unique circumstances. Consulting with an estate planning attorney can help you determine the best approach for your needs and goals. Wills and trusts are both tools for estate planning, but work differently.

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