Should I include a trust or will in my estate plan?

Creating an estate plan is an important step that all individuals should consider taking to ensure that their assets and wishes are respected after they pass away. In Alaska, individuals are able to choose between including a trust or a will as part of their estate plan. A trust is designed to provide asset protection and asset management for property held inside the trust. Property held in a trust is still considered owned by the creator, however it can be managed by a trustee. A trust can also help reduce taxes and prevent probate fees. It can also be used to provide specific instructions for how to manage more complex assets, such as art or real estate. A will is a document that will outline how you wish your estate and assets to be distributed when you pass away. It can also be used to name an executor, who will be responsible for ensuring that the wishes in the will are carried out. A will cannot protect against creditors or reduce taxes, however. It is impossible to know with certainty which option – trust or will – is the best for any one individual. The best option will depend on the needs of the individual, and will depend on the size of their estate, their age, and the complexity of their assets. An experienced estate planning attorney can help you evaluate your individual needs and decide if a trust or will is the best fit for you and your family.

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Should I include a trust or will in my estate plan?

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