When people start creating an
estate plan, they often weigh the benefits and negatives of their options to decide which strategy works best for them. This usually leads to a point where they must choose between getting a will or another option, like a
revocable trust.
Most people have heard of a will and understand that they need one, but they don’t understand the different values of a revocable trust. That leads many to choose only a will, which causes them to miss out on certain key benefits they won’t get with a will.
There are a few things that both have in common. In both a will and a revocable trust, you can choose a person whom you would like to execute your wishes. You can also designate which parties and organizations will be the beneficiaries of your property after you have passed on. However, there are other advantages gained from having a revocable trust that many people have no idea about, and they can make a significant impact on the amount of time, money, and control focused on your estate.
That’s why speaking with an experienced, passionate, and knowledgeable attorney, like the legal team at the Law Office of Shannon DeWall, PLLC, is essential to understand your options and decide which to choose.
Does a Revocable Trust Save More Time Than a Will?
It can’t be overstated how much the process of creating both a will and a trust is a serious process that requires dedication and focus to get the result you want. It’s certainly not a process that you want to rush. However, when considering the amount of time spent on a trust or will, it’s not just about the time spent creating it.
The key difference between the two is the time spent on the will or trust after you have passed on. You’ve probably heard of the term probate, which describes the legal process a will goes through when someone has passed away. The probate process involves reading and executing a will, and that is where the time, complication, and extra expense come in. The legal system can be lengthy and complicated, so a will probate process can take weeks and months, even without complicating issues like when someone contests aspects of the will, which makes the process take even longer.
However, a revocable trust allows the estate to sidestep the probate process, considerably shortening the time spent on it.
Does a Revocable Trust Save More Money Than a Will?
Depending on the details involved and how in-depth the documents are, the cost of putting together a will and an estate plan can be similar. Sometimes, an estate plan can be slightly more expensive if intricate and highly detailed instructions have to be conceived and executed. However, the real financial savings come at the end of the process, not the beginning.
In a will, your property will be taxed like any estate when it goes through the probate process. That amount of money can significantly impact the final estate value for your loved ones, often carving out a larger-than-expected piece. However, when the same estate is left to people using a revocable trust, it can severely lessen and sometimes eliminate those estate taxes. That one consideration is often enough to make someone reconsider a will and go with an estate plan.
Does a Revocable Trust Provide More Control and Flexibility Than a Will?
There are many advantages to having a will instead of having no estate plan to help loved ones and the court divide up your assets in a way that reflects your actual wishes. It is a solid step in ensuring your loved ones are cared for, which should be recognized and rewarded.
However, the unfortunate reality is that there are only so many things a will can do, and they are nowhere as comprehensive as a revocable trust. While a will allows you to decide which people receive which parts of your estate, a revocable trust allows for more details on the circumstances of that bequeathment. For example, suppose you want to leave some of your money to a grandchild who may not be legally old enough to be trusted with that kind of money. In that case, a trust can allow you to schedule that money to be held for a certain amount of time and bequeathed later. The same applies to other circumstances, like elder or special needs care. You can allot funds to go to the care and maintenance of a person who cannot fully care for themselves, putting a trustee in charge of executing the trust.
Do I Need an Attorney for My Revocable Will or Trust?
There is no legal requirement for someone setting up a will or revocable trust to work with an attorney while doing it. However, making a will or trust is one of the most important decisions you will make in your life because it carries the weight of your decisions past the point where you are no longer here to clarify your wishes. The unfortunate reality is that there can be disagreements, fights, and confusion when it comes to what happens to your estate and property after you have passed on. The last thing you want to have happen is your family battling with a lack of clarity on your final desires because you put together a will or trust without competent legal help.
It’s important to remember that you’re not just deciding for yourself for now. Many people are affected by your decisions during the
trust administration process. Making these decisions without solid legal advice is not worth the risk to your legacy and your family’s future.
That’s why you should call the Law Office of Shannon DeWall, PLLC. With years of combined experience and a dedicated passion to helping people secure legacies and peace of mind, we’re ready to help make the complicated process as simple and approachable as possible. Call us today at 734-366-4463 so we can provide the experience you need to get the estate planning guidance you want.
