What is the difference between a Will and a Living Trust, and which one is right for me?

A Will is a legal document that allows an individual to detail who will receive their property and possessions after they pass away. It also allows the individual to name a guardian for any minor children and an executor to manage the distribution of their assets.

A Living Trust, also known as a Revocable Trust, is a legal document that places an individual's assets into a Trust during their lifetime. The individual can be the Trustee while they are alive, and after they pass away, a designated successor Trustee will manage the Trust and distribute assets to named beneficiaries. Assets placed into a Trust will avoid probate court, which can be time-consuming and expensive.

Deciding between a Will and a Living Trust depends on various factors, including the individual's estate's size and complexity, their family dynamics, and their goals for estate planning. Some of the benefits of a Living Trust include:

• Avoidance of probate court, which can save time and money for the individual's heirs.
• Protection of privacy, as the Trust document does not become part of public record like a Will.
• Protection against disability or incapacity, as a Trust can include provisions for a chosen successor Trustee to manage the Trust's assets in case the individual becomes incapacitated.

However, a Living Trust may not be necessary or beneficial for everyone, and a Will can still be a valid estate planning tool. Some of the benefits of a Will include:

• Simplicity and cost-effectiveness, as a Will can be created quickly and for a lower initial cost than a Living Trust.
• Flexibility, as a Will can be revised or updated at any time throughout the individual's lifetime.
• Appointing a guardian for minor children in case of the individual's death.

It is essential to consult with a licensed attorney to determine which estate planning tool is right for your specific needs and goals. An attorney can also help you consider any potential limitations or exceptions to the options presented and provide additional suggestions for action if necessary.