Should you use a will, trust or both when estate planning?

Should you use a will, trust or both when estate planning?

On Behalf of | Apr 19, 2021 | Estate Planning And Probate

Many people in Colorado and elsewhere shy away from activities that they perceive as being difficult. For some, creating an estate plan may seem like something that will take too much time and effort to get right, and as a result, they choose not to plan. However, estate planning does not have to be impossible as many people may believe, and there are ways to get help with planning. 

If a person has not already created an estate plan, he or she is not alone. In fact, the majority of Americans have not taken steps to make a plan. In this case, being among the majority may not be the best place for an individual as leaving an estate without any instructions could create confusion, conflict and other issues for surviving family members after a loved one’s passing. 

The information and tools a person chooses to use in a plan can differ, but wills and trusts are two options that commonly come to mind. The following basic information may help some parties determine whether they may want a will, trust or both to play a part in their plans: 

  • A will is cheaper to create than a trust. 
  • A will is more basic than a trust and provides less privacy. 
  • A trust can help keep assets from having to go through probate. 
  • A trust can keep information more private by avoiding probate. 
  • A trust can give a person more control over the distribution of assets. 

Whether a person chooses to take a more basic estate planning approach or delve into more comprehensive planning options, leaving instructions behind typically has beneficial results. Even providing answers to some questions by using only a will could help surviving loved ones more easily probate an estate. If Colorado residents feel that the time has come to get started on their plans, they may wish to gain more extensive information on available options.