There comes a time where you have to consider the legacy that you hope to leave behind. It is time to think about who you plan to leave your assets to and which assets you plan to delegate to who. Estate plans may include trusts, wills or a mixture of the two. In fact, many New Jersey estate plans include one will and multiple trusts. Forbes suggests that you can emphasize a trust over a will or vice versa.
For instance, you can put most of your assets into a revocable living trust for most of your assets and then a will for the others. There is no wrong answer in the will vs trust debate. For some people, a trust makes far more sense than a will.
One of the biggest differences between a trust and a will is that the assets in the will go through the probate process. The main disadvantage of probate is the time and money that you have to spend. In addition to time and money, wills are not private. When you file the will with the court, any public person can access it. Wills are more likely to have to deal with challenges. Trusts receive less of a challenge.
Some people choose a will because it is more efficient. If you own assets, you can transfer them in and out of your will on a whim. People also tend to update wills more often than trusts. Many do not believe that trusts need revisiting.
This article does not include legal advice. It is only for educational purposes.