Whether you decide to Will or to Trust depends largely on your goals for planning and of course in many cases your wallet or purse. It’s true, to Trust requires a greater investment but depending upon the dynamics of your estate and where you live, it may be worth the sacrifice now for a future reward of a harmonious transition of your family wealth to the next generation of managers.

If you decide to Will, your family will eventually face the joys of the local probate court, your creditors and any other individual that may have an interest in your estate. With your Will you can name a person or persons (often referred to as an executor or personal representative) to carry out your wishes, state who should inherit your assets whether individuals (church or other non-profit), and identify a guardian for your young children and their new found wealth.

On the other hand, if you decide to Trust, your family may still have to face your creditors depending upon what type of Trust you select. With this approach, your loved ones would receive their inheritance without the delay of probate court. Unlike your Will, which takes effect upon your death, your Trust becomes effective at execution. As the Trustee of your Trust, you (unless you named somebody else) would manage your assets as you normally do. Upon your passing or in case of incapacity, the individual or entity you named as your Successor Trustee will carry out your wishes. With your Trust you can also set parameters for when and how your loved ones will receive their inheritance as well as protect them from their creditors and themselves. 

Deciding to Trust is also advantageous if you own multiple properties in different states. It avoids having to deal with multiple courts which can be costly and time consuming. While there may be many other reasons to Will or to Trust not mentioned here, this will help you get the conversation started in order to answer this very important question for you and your family…To Will or to Trust?