Having a trust may seem like a good idea for you to have a say on how your assets are going to be distributed after death. However, in some cases, having a trust may not be the best of ideas. Here are some reasons why you may want to have a will and go through the probate process.

Full Understanding of Your Estate Plan

Trust can be complicated and typically require legal assistance to execute properly. If you wish to have full understanding of your estate plan (and don’t possess a law degree of course) then it may be a good idea to have a will instead of a trust. While it is recommended to have a will done with legal assistance, you possess the will once it is completed.

Your Assets are Not Complicated

Is your estate straight forward? If you have few assets like one house, a single bank account, a single retirement account and one car you probably don’t need a trust to distribute those items. Trusts are great for more complex estates, but may not need done in your specific case.

Tax Law is Favorable

Look into your inheritance tax law before setting up a trust. In some states there is a “magic number” where you can leave that amount or less to your beneficiaries without having to go through a complicated probate process.

For detailed assistance on deciding between a trust and a will, contact the experts at Stano Law Group today.