Posted inEstate Planning

When You Need a Trust vs When You Need a Will

When it comes to estate planning, understanding the differences between a Trust and a Will is crucial. Let’s explore the basics of each and when they may be the most appropriate choice for you.

The Will – A Common and Basic Estate Plan

A Will is a fundamental document that outlines your wishes for the distribution of your property and designates a personal representative to oversee your estate after your passing. However, it’s important to note that a Will does not avoid Probate. Instead, it serves as your instructions to the Probate court on how your “Probate Property” should be distributed.

Understanding Probate Property

“Probate Property” includes any property solely owned by an individual at the time of their death, not held jointly or designated to specific beneficiaries through methods like Payable on Death (POD) or Transfer on Death (TOD) designations.

The Role of Trusts

To bypass the time and expenses associated with Probate, some individuals choose to transfer their property into a Trust. By doing so, the property is no longer considered “Probate Property” since it is owned by the Trust rather than in the individual’s name. It’s essential to note that Trusts are not solely for the mega-wealthy; they can be valuable tools for achieving various personal and financial goals.

Trusts An Effective Solution for Your Estate Planning Needs 

While the concept of Trusts may seem confusing initially, they offer a range of benefits for preserving your legacy and protecting your assets. From avoiding Probate to ensuring a smooth transition of your estate to beneficiaries, Trusts can play a significant role in your overall estate plan.

Schedule a Strategy Consultation

Deciding between a Trust and a Will requires careful consideration of your unique circumstances and goals. We encourage you to contact our office in Omaha, Nebraska, to schedule a strategy consultation with our experienced Estate Planning attorney. Together, we will determine the most suitable Estate Plan to safeguard your family’s future and meet your specific needs.