Over the last three posts, we’ve discussed the benefits of both living trusts and wills when it comes to estate planning. When it comes to picking one or the other, you really need to think about your needs. What are your assets?
Do you have income-generating assets? If so, a living trust may be a good way to continue benefiting from your assets, while protecting them for the future.
Do you have a large number of family heirlooms, intrinsically invaluable? If so, a will may be the best way to account for all of them, designating their distribution following your passing.
Both a living trust and a will can go a long way towards protecting both your future and the assets you hope to pass on when you die. The best way to go about determining which best fits your needs is to first determine the needs, themselves.
After that, you may want to consider visiting an estate-planning attorney – one versed in both wills and trusts – and getting his or her take on your situation and how best to approach it. This doesn’t mean that you have to give up control over your assets, but can provide you with valuable insight into both national and state laws, including how to work with them to protect your assets.
In the end, the most important step is the first one. If you haven’t already, get the ball rolling on your estate plan. You’ll be glad you did.
- Deciding between a living trust and a will (The Star-Ledger)