Wills vs. Trusts: Which Do You Need?

Both wills and trusts are essential estate planning tools, but they serve different purposes. Understanding the differences helps you make the right choice for your situation.

Understanding Wills

A will is a legal document that:

• Specifies asset distribution: after your death
• Names guardians: for minor children
• Appoints an executor: to manage your estate
• Goes through probate: which is a public court process

Understanding Trusts

A trust is a legal arrangement that:

• Avoids probate: keeping your estate private
• Can take effect immediately: during your lifetime
• Provides ongoing management: of assets
• Offers greater control: over when and how assets are distributed

Key Differences

• Privacy: Trusts are private; wills become public record during probate
• Cost: Trusts cost more to create but can save money long-term by avoiding probate
• Timing: Wills only take effect after death; trusts can operate during your lifetime
• Control: Trusts offer more specific conditions for asset distribution

Which Is Right for You?

Most estate planning experts recommend having both a will and a trust for comprehensive protection. Our Personal Legal Service Plans include attorney consultations on estate planning.

Contact Ward Business Solutions at (720) 550-2320 to start planning your estate today.