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Benefits of wills versus trusts

Many people in California may have been told by someone that they should always have a trust instead of a will as their primary estate planning document. The people that may have told them this no doubt are well-meaning and have their best interests at heart but they may not necessarily be right. While trusts can and do have many unique qualities that can be benefits for some people, there are definitely situations in which a will may be the better bet.

As Forbes explains, one thing people should take into consideration is the cost, time and steps involved in not only creating a trust but in maintaining a trust. It can be far more involved and complicated to set up a trust than to create a will. The nature of a trust also means that keeping it updated can be a job unto itself. Every asset must be titled properly to be part of the trust. That means every time an existing asset is sold or a new asset is obtained, the trust must be amended.

According to The Motley Fool, if a person dies with assets they they for some reason omitted from their trust, those assets not included would fall outside the scope of the trust parameters.

People should also balance the benefits of a trust with the value of their estate. A person with a more moderate value of an estate may spend more to develop a trust than they would a will even when costs for probate are factored in.

 

 

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