Comparison of a Trust and a Will

Comparison of a Trust and a Will

  • November 15, 2012
  • David Greene
  • Comments Off on Comparison of a Trust and a Will

One immediate difference is the cost. A will is cheaper to prepare than a trust and most attorneys can prepare wills, but do not know how to properly prepare trusts. However, cost should never be the deciding factor in planning your future. A will sets forth the testator’s desires about what to do with his assets immediately after he dies. He names a Personal Representative to carry out those terms. A will is filed with the Probate Court and is a public document. A will cannot direct a course of action years from the decedent’s death. On the other hand a trust avoids probate, sets out the trustor’s wishes, which can be carried out for years in the future and is controlled by the trustee named by the trustor. It is not a public document. In addition a trust can be amended or even revoked, unless it is set up initially as an irrevocable trust. Thus a trust has many advantages over a will. The primary reason to have a revocable trust is to avoid probate and be able to control the way your assets are used for years after your death. The primary advantage of an irrevocable trust, in addition to the two listed above for a revocable trust, is for asset protection.

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