It’s crucial to consider the benefits that either option has to offer, and how they align with what you value for your legacy.
Let’s take a closer look at the benefits of what each has to offer.
Benefits of choosing a will:
- Upfront simplicity
- Works well for smaller estates
- Initially cost-conscious
- Probate is public record
- Works well for those who are not concerned with the cost of probate
Benefits of choosing a trust:
- Streamlined administration
- Works well for larger, more complex estates
- Upfront investment
- Keeps records and process private
- Avoids the cost of probate
Benefits of both:
- Provides for charitable giving
- Defines wishes clearly
- Legal formalities
- Flexible with life
Pro tip: Estate planning can help you achieve the overlapping benefits of both wills and trusts.
Overall, choosing a will versus a trust can depend on multiple factors and your unique situation. It’s always best to consult an Estate and Trust Tax Specialist for personalized advice on how you can build your legacy, the way that YOU value most.
