Regarding estate planning, two of the most popular options are wills and trusts. While both can be effective tools for passing on assets to beneficiaries, some key differences between the two may make one option more favorable than the other for certain individuals.
Last month, we wrote a blog that discussed the benefits of a trust over a will. Today, we will review the benefits of a will over a trust. If you are interested in creating a will, a trust, or another form of estate planning, contact an estate planning attorney who will ensure that you have the proper guidance necessary to make an informed decision.
Benefits of a Will Over a Trust
Below are a couple of benefits that separate wills from trusts. These benefits may include the following:
Simplicity – One of the main benefits of a will is its simplicity. A will is a legal document that articulates your wishes for the distribution of your assets after your death. Unlike a trust, a will does not require complex legal arrangements or ongoing maintenance. This can make it a more straightforward option for individuals with relatively simple estate planning needs.
Flexibility – Another benefit of a will is its flexibility. You can use a will to name an executor who will be responsible for administering your estate after your death and specify who should receive specific assets or property. You can also use a will to name a guardian for your minor children if you have any. This level of flexibility allows you to create a customized estate plan that reflects your unique needs and priorities.
Accessibility – A will is a public document that can be easily accessed by anyone who wishes to see it. This can be beneficial in some cases, as it can help ensure that the deceased person’s wishes are carried out and prevent disputes or challenges to your estate plan. By contrast, trusts are typically private documents that are not accessible to the public, making it more challenging to ensure that your wishes are carried out.
Cost – Wills are generally less expensive to create than trusts. This is because wills do not require ongoing management or administration, which can be costly. Additionally, the probate process for wills is often less complicated and time-consuming than for trusts, which can help keep the costs down.
Contact a DuPage County Estate Planning Attorney
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