Chicago Estate Planning Attorneys Answers:
What is the Difference between a Will and a Revocable Living Trust?
In the world of estate planning, one of the more important questions you may come across is “Do I establish a revocable living trust or a will?” The purposes behind these two strategies are fairly similar, as the goal of both estate planning tools is to lay out the instructions for the distribution of assets.
Fortunately, with a little bit of research and speaking with an esteemed Chicago estate planning attorney, you can learn about both types of estate planning tools and determine which option is best suited to you and your needs. This blog post will compare and contrast wills and revocable living trusts, but remember, by calling James C. Provenza & Associates, you can speak with one of the leading experts in the Chicago area about the best strategies for developing your estate plan.
To speak with attorney Provenza today, you can call our law office at (847) 729-3939. In the meantime, you can find more about wills and living trusts below.
Comparing Living Trusts and Wills
Before comparing living trusts and wills, it can be helpful to understand, in-depth, what these legal tools can offer you and your estate. For this reason, it may be helpful to check out our individual pages on wills and living trusts, available here:
As mentioned above, both living trusts and wills push for the same goal – optimized management and distribution of your assets after your death. With regards to individual issues, let’s look at a few ways a living trust or a will can help:
- Naming beneficiaries for property
- Wills – Describes the property and lists who should get it
- Living trusts – Describes the property and lists who should get it, but you must transfer the property to the trust.
- Leaving property to minor children
- Wills – You need to name an adult to manage the property until the child turns 18
- Living trusts – The trustee manages the property until the child reaches an age that you determine
- Avoiding probate
- Wills – Property left through a will often goes through probate
- Living trusts – Property left through a trust does not go through probate
- Establishing guardians for children
- Wills – You can name guardians for children
- Living trusts – You cannot name guardians with a trust
- Naming the executor
- Wills – You can name an executor who wraps up your estate after you die
- Living trusts – You can’t name the executor in a trust
It is important to note that you can establish both a living trust and a will. Whether or not a living trust is suitable depends on age, wealth, marriage status, and other factors. A will, however, is essential for a thorough estate plan, especially if you need to name an executor, name a guardian for minor children, and take care of property that doesn’t end up in the trust.
Contact Chicago Estate Attorney James C. Provenza Today
Preparing an estate plan that covers every base is not easy, and it’s important to examine and learn about the various estate planning tools. Furthermore, with the help of a prominent and experienced estate planning attorney in Chicago, you can optimize your plan for your unique circumstances, needs, and interests. To speak with estate planning attorney James C. Provenza, call our law office today at (847) 729-3939.