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Deciding the best way to protect your family’s future involves understanding how a will and a trust can work together to form a comprehensive plan.
Estate planning shouldn’t be a complex legal chore, but a simple act of care. It’s your instruction manual for the people you love. With only 24% of adults having a will, a significant number of people have not embraced the idea of designating where their assets go after their death. Let’s break down these two key tools so you can see which one might fit your life, and how they work together.
A last will and testament is essentially your set of final directions. It names the people you want to inherit your assets, which can include everything from your bank accounts to your personal belongings.
Crucially, it’s the only legal document where you can formally name a guardian for your minor children. Without a will, a court makes that deeply personal decision for you. The will must go through probate to be validated and for the distribution to be overseen.
A revocable living trust operates more like a legal container. You create the trust and then transfer ownership of your assets into it. You can manage everything inside that container while you’re alive and fully in charge. You also name a “successor trustee,” someone who will step in to manage the trust’s assets if you become incapacitated or pass away.
The major benefit here is that assets held in a trust completely avoid the probate process. This means a faster, private transfer of your assets to your beneficiaries, sparing your family from a public and potentially lengthy court procedure.
So, how do you choose? Your decision really hinges on your personal circumstances and what you want to accomplish. Remember that a comprehensive plan often includes both.
To Designate Guardians and for Basic Coverage. A will is essential protection for making sure your children have a designated guardian. If your financial life is relatively uncomplicated, a will often provides the essential protection you need right now. It’s a foundational document.
For Avoiding Probate and Planning for Incapacity. If you own real estate, have a more complex portfolio, or feel strongly about keeping your family’s affairs out of probate court, then a trust deserves a close look. It’s also incredibly valuable for ensuring someone can manage your assets if you’re unable to, without needing a court order.
While a will and a trust function independently, the most robust strategy is often to have a will that works with a trust. This is achieved through a pourover will, which is designed to sweep any assets accidentally left out of the trust and direct them into the trust upon your death. This ensures the trust, which is managed by your designated trustee, governs all your assets while preserving the will’s function of naming a guardian.
This might still seem like a lot to navigate on your own. That’s where having access to clear, professional guidance makes all the difference.
If you are having challenges, LegalFix was created for you. We believe everyone deserves access to affordable legal help. Our network law firms will guide you through the process of getting a sound, comprehensive estate plan that secures your family’s future.
Our Individual & Family Legal Plan gives you ongoing access to a network of independent law firms for consultations and document reviews—with preferred pricing on their legal fees.
If you prefer to pay as you go and don’t mind paying full hourly rates, our on-demand legal services let you connect with handpicked law firms for specific tasks. Contact LegalFix today to take the first step in securing your peace of mind.