What Is The Difference Between A Trust And A Will?
Just as your estate plan is unique, so are the tools Windrose Law Center PLC can use in organizing your affairs. It can sometimes be difficult to understand the differences between the documents, but part of our job is to help you understand what each part of estate planning, including wills and trusts, does.
With wills and revocable living trusts you can:
- Name who gets your property
- Leave property to a child
- Make changes during your life any time you want
Things a trust can do that a will cannot include:
- Avoid probate
- Reduce the chance of a court dispute over your estate
- Prevent the need for a conservator to be appointed by a court for property left to a minor
- Keep your document private after death rather than it being a matter of court record
Things a will can do that a trust cannot do include:
- Name guardians for children
- Name a conservator (who will report to the court annually) for children’s property
Deciding what is best for you should be done in consultation with an experienced lawyer. There is no one-size-fits-all document that you can get online because everyone’s situation is unique. Even within the categories of wills and trusts, there are a wide variety of options, so speaking with an attorney about your specific situation is the best thing you can do.
We Can Answer Your Estate Planning Questions
When you walk through the doors of Windrose Law Center PLC, we will take the time to help you understand all aspects that go into creating an estate plan. This includes breaking down the various documents and the differences between them. To schedule an appointment with us, call 602-857-9386 or use our online form.