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.