Gibbons Law Firm: The Difference Between a Will & a Revocable Living Trust

Estate planning is an important step to ensure your wishes are carried out after you pass. While this is a topic many don't like to think about - it's important to plan ahead. If you fail to prepare your estate, your family may spend years and a large amount of money fighting to get property in their names through probate. Lessen the burden of your loss for your family by preparing a plan with an estate planning attorney near the Lake of the Ozarks.

Wills and trusts are important documents that are commonly used in the estate planning process. They both can be updated periodically so that they meet your needs as your financial and family situations change. It is not until your death that these documents become officially set in stone. Though similar, these documents each offer different advantages and serve different purposes. Here is a quick look at some of the primary purposes these documents serve and how they differ.

Will

A will is an estate planning tool that allows you to identify who should inherit your property after you pass away. It is relatively inexpensive to prepare, but it does not prevent your estate from being passed through probate after your death, which can be an expensive as well as time-consuming process. At the time of your death, your will becomes public record.

One of the most important uses of a will is to appoint a guardian for your children under the age of 18 in the event that something unexpected should happen to you. A will is the only estate planning tool that can be used for this purpose. Minors cannot legally own property, so if you wish to leave property to children under the age of 18, you will have to appoint someone else to manage the property until your children's 18th birthdays.

Revocable Living Trust

A revocable living trust is an alternative estate planning tool. With the exception of appointing a guardian for your children, it serves many of the same purposes that a will does - that is, it can be used to identify who should inherit your assets. Revocable living trusts allow for much greater detail and control in the planning process, however. For example, you can choose at what age your wish your children to inherit your assets (such as 25 instead of the "default" age of 18).

A revocable living trust can also be used to appoint a trustee and/or power of attorney to manage your assets, healthcare decisions, and other important responsibilities in the event that you become incapacitated.

A revocable living trust is often more expensive and more time-consuming to prepare than a simple will, but it helps make up for the additional cost by allowing your estate to avoid probate. Instead of being tied up in probate procedures for months or even years, your assets should be able to be distributed directly to your heirs. Another advantage of a revocable living trust is that it remains private after your passing - it does not become public record like a will does.

Gibbons Law Firm Can Help

As an experienced lawyer at the Lake of the Ozarks, we know how important it is to prepare your estate plan in mid-Missouri. To help keep your belongings out of probate and ensure whomever you wish to possess them does, make sure your estate plans are in order and updated on a regular basis. Gibbons Law Firm can help you prepare your estate plan to ensure your wishes are carried out!

Remember, your initial consultation with Gibbons Law Firm is always free.