You’ve worked hard all your life trying to get ahead and leave something behind for your loved ones. You want to have some degree of control over who gets what. Everyone has an estate, even people who have relatively modest possessions, and that means you’ll need to decide on a strategy for taking care of those funds.

The overall strategy you choose will form the basis of your estate plan, and in general there are two main ways to handle the assets you leave behind: a traditional will or a living trust. Explore the differences between a living trust vs. will, determine which might be the better choice for you, and learn how an elder law attorney can get you squared away.

Traditional Will

A will, essentially, is a basic written document, which is signed by you and a witness, that outlines exactly how your property is going to be divided and distributed when you pass on. Wills are revocable and amendable, which means you can cancel or change your will at any time you like during your life. You can also, through your will, appoint guardians for minor children you leave behind. Wills are usually administered by the courts, especially if there’s a challenge.

Living Trust

As opposed to a will, which pretty much determines who gets what, a living trust provides continual management for your property after death. You’ll appoint a trustee to administer the estate following your death, and there’s no need for court intervention. Living trusts also allow a trustee to take over should you become disabled and unable to handle your affairs.

Trusts can be used for estates of any size. They allow you to avoid the probate process, to plan for you becoming incapable of managing your affairs while still alive, to maintain control over your assets even after you’re gone, and to keep your finances private.

Living Trust vs. Will

There are a number of things to keep in mind when deciding whether a living trust vs. will is the best choice for your needs. If your estate can pass through informal or expedited probate, a will can be an easy “one and done” means of providing for your loved ones’ future. Also, if you don’t want to actively manage your estate all the way through your death, a will is probably a better bet.

If you have minor children, dependents who have special needs, grandchildren or the like, a trust can ensure that the money is still there for them when they need it or reach the age of majority. If you have a large estate that can be subject to extensive estate taxes, a living trust can be a way to manage those taxes instead of passing on a huge burden to your descendants. Trusts are also only worthwhile if you’re going to transfer assets into the trust.

Seeking Help and Advice

If you’re not sure which is better for your needs, talk to an experienced elder law and planning attorney. For years, the lawyers at Stano Law in Ohio have helped people just like you come to the right decisions about their future. For more information, give us a call today.