What is the difference between a will and living trust with estate planning? Do I need both?

Andrew Makar | Nov 3, 2020 | Category: Divorce lawyer

Sumner & Associates P.C. - All questions

Address: 730 S Rochester Rd, Rochester Hills, MI 48307, USA

Sumner & Associates P.C. | Nov 3, 2020

Both are useful estate planning tools that serve a different purpose, and both can be used together in your estate plan. One of the main differences between a Last Will & Testament and a Living Trust, is that a Will goes into effect only after you die, while a Trust takes effect as soon as it is created. Secondly, a Will must go through the Probate Court and suffer the delays and costs of Probate, while assets in a Trust avoid the Probate process. Finally, a Will must disburse assets upon the completion of the Probate process. A Trust can be designed to hold assets until a beneficiary reaches a certain age, allowing the Trustee to pay expense for the beneficiary such as Medical, Support, Maintenance, and Education, until the beneficiary reaches the designated age of final disbursement - such as "age 25 years old".

timothy jagielo | Nov 3, 2020

IMHO, no, we went with a trust, it's more versatile.

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