Wills vs. Trusts: What’s the Difference?

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:

  1. Avoid a conservatorship and guardianship
  2. Avoid probate
  3. Maintain privacy
  4. Protect you from court challenges

And, two things that Wills can do that Revocable Living Trusts can’t are:

  1. Name guardians for children
  2. Specify an executor or personal representative

However, both Wills and Trusts can:

  1. Allow revisions to your documents
  2. Allow you to name beneficiaries
  3. 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.