I usually talk about investing on Mondays, but what happens to all the hard work you did after you’re gone? For those of us with children, we obviously have them first in mind and how to take care of them not only while we are here, but also after we’re gone.
So based on that, which is better: a will or a trust? As always, the answer is: it depends! Whether you choose a will or a trust, the key is just do something!
| Feature | Will | Revocable Living Trust |
|---|---|---|
| Initial Cost | $150–$1,500 | $1,500–$5,000+ |
| Probate | Required (3–7% of estate, months to 18 months) | Bypasses probate (days to weeks) |
| Privacy | Becomes public record | Private |
| Management During Incapacity | No | Successor trustee manages assets automatically |
| Flexibility | Easy to amend | Can amend or revoke while alive; complex updates may be needed |
| Asset Protection | Limited | Offers better control and distribution options; protects from probate complications |
| Long-Term Savings | Potential probate costs reduce net inheritance | Avoids probate costs, often saving heirs thousands |
| Guardianship | Can name for minor children | Must complement with a pour-over will to designate guardians |
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