What is the difference between a will and a trust, and which one should I use for my estate plan?

The main difference between a will and a trust is that a will only takes effect after your death, while a trust can take effect immediately and last beyond your death. A will is a legal document that provides instructions for the distribution of your property after you die. It allows you to name an executor to manage the distribution of your assets and to name a guardian for any minor children you have. A trust, on the other hand, is a legal arrangement in which you transfer your assets to a trustee to manage on behalf of your beneficiaries.

One of the main advantages of a trust is the ability to avoid probate. Probate is the legal process of distributing assets after a person has died. It can be time-consuming and costly, and if you have a complex or large estate, it can be especially burdensome. A trust allows your assets to be distributed to your beneficiaries without going through probate.

In determining which one to use for your estate plan, it's important to consider your specific circumstances. If you have a small or simple estate, a will might be suitable. However, if you have a larger or more complex estate or desire privacy in the distribution of your assets, a trust may be more appropriate.

It's important to note that there are different types of trusts, each with its own unique features and benefits. For example, a revocable living trust can be changed or revoked during your lifetime, while an irrevocable trust cannot. A special needs trust is designed to provide for the needs of a disabled individual without interfering with their eligibility for government benefits. A knowledgeable estate planning attorney can help you determine which type of trust is best suited for your needs.

In summary, a will and a trust both serve important purposes in estate planning, but they have different features and benefits. It's important to consider your specific circumstances when deciding which one to use. Consulting with an experienced estate planning attorney can help you make an informed decision and ensure that your estate plan achieves your goals.