Estate Planning- The Will vs. Living Trust – Estate planning is the key to decide the fate of your property after your death. Whether you want to write a will or go for a living trust is of course your choice. But, before making a decision, it is wise to know the pros and cons of both legal bindings.
Pros and Cons of Will
A will is a legal document written by a person about the distribution of his assets after their death.
A will is a simple and easy to write document. Once you’ve written it, it won’t be revoked until and unless you yourself need to make any changes in it. Re-opening is easy and you may make changes without going through any complex legal procedures. Moreover, there is no need to transfer over your property to someone else to confirm it. From property distribution to naming the guardian of your children who are minors yet, everything can be decided and written in a will.
However, there are a few drawbacks involved with this. One of them which can become annoying, expensive, and slow, is the probate- the process that determines the legal validity of the will. Once probate is done with, only then does your will come into effect and goes public. Though there is an executor for your will, a person whom you yourself chose, the probate lawyers look after the distribution of the property. This becomes quite unpleasant and expensive and the feasibility of the process also depends on the lawyer you choose to quite a degree. In Flower Mound, Texas, you can go for Nelson Law Group PC for smooth execution of the will without you having to bother with the hassle yourself.
Pros and Cons of Living Trusts
A living trust is a binding agreement which serves the same purpose i.e. distribution of property. But, there is no such limitation of the person being dead.
The clauses of the living trust can be followed as soon as it is written; no restriction of probate. It is confidential and does not become public. Moreover, in case of deteriorating mental health, it automatically transfers the responsibility of your estate. You don’t have to go to court for that purpose. It also allows you to appoint someone to take care of the property of young beneficiaries until they become adults. It doesn’t even require hiring a lawyer when you need to distribute the property.
The catch here is that it involves a lot of work. Formulating a living trust can cost a good deal in legal fees. You cannot go against your word once you are done with the proceedings. Moreover, revoking a trust is a bit complicated as compared to wills.
Laid out in front of you are the pros and cons of both the will and the trusts so that you make take an informed decision. If you want to learn more, contact the Nelson Law Group PC.