Is a will or trust right for me? My family?

This is one of the most common questions I receive as an estate planning attorney, and for good reason. There is a lot of confusing information out there regarding estate planning. Let’s break this down.

The difference between a will and a trust

A will is a more simple document that allows for a direction distribution of property. Upon your passing, the document is made public and probate is opened in your jurisdiction. A directive of guardianship can be added to the will for minor children.

A trust allows control “beyond the grave”. It is detailed and allows you to include the little things - and the not so little things. If you have minor children, you can control how and when they receive funds, title assets in your trust for disposition and a host of other nuances that provide many peace of mind. Upon your passing, the document remains private and probate does not have to be opened.

What about real property?

If you own a home, or real estate, it is a common and often advised approach to title it into a trust. This can provide protection as well as proper distribution upon your death or disability. Trust can provide a great deal of benefits. However, in some situations a simple beneficiary deed can allow the proper transfer of real property to your designated beneficiary without the need of a trust.