If you’re confused about the differences between wills and trusts, you’re definitely not alone. Here’s a quick comparison to show you what Revocable Living Trusts can do that Wills can’t and vice versa.
Four things that Revocable Living Trusts can do that Wills can’t are:
- Avoid a conservatorship and guardianship
- Avoid probate
- Maintain privacy
- Protect you from court challenges
And, two things that Wills can do that Revocable Living Trusts can’t are:
- Name guardians for children
- Specify an executor or personal representative
However, both Wills and Trusts can:
- Allow revisions to your documents
- Allow you to name beneficiaries
- Provide asset protection
Each of the items listed above will be the topic of a future blog post and will be discussed in more detail in that post. Meanwhile, feel free to contact us if we can assist you with your estate planning needs.
The information above is general in nature and is not legal advice specific to your situation. If you have questions about your business, estate plan, or protecting your business or personal assets, you should speak with an attorney in your area for legal advice. If you live or do business in California and would like to speak with The Law Office of Tawnya Gilreath regarding your situation, please schedule an appointment.