July 23, 2024
Should You Have a Will or a Trust?
Are you confused about the differences between a will and a trust? In this video, we break down the key distinctions to help you understand which estate planning tool is right for you. Learn about the unique purposes of wills and trusts, the probate process, privacy considerations, control over assets, and flexibility in making changes. Whether you’re planning for the future or managing a loved one’s estate, this video provides clear and concise information to guide your decisions. Don’t forget to like, subscribe, and hit the bell icon for more informative content on estate planning and financial advice!
Episode Transcript:
The foundation of any estate really is a will or a trust we have will-based estate plans and trust-based estate plans. The big thing to keep in mind the big difference between these two is a will does not avoid probate a will gives instructions to the Probate Court how to administer your estate so a will is your ticket to the probate court if you want to avoid probate you don’t want to rely on a Will based a state plan you might want to look at a trust as a way to pass assets again a will is your ticket to probate it’s one of the biggest misconceptions I see is I have a will I’m all set well understand a will only becomes effective only manages assets if those assets end up going into probate so that’s why a lot of people look to a trust.