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

Estate planning is an important process for Arkansas residents who wish to ensure their assets are taken care of and their estate is managed properly after they pass away. When creating an estate plan, you need to decide which type of document will work best for you: a trust or will. A will is a legal document that outlines your wishes for the distribution of your property and assets after death. A trust is a separate legal entity that holds the assets you decide to place in it. To understand which estate planning document is right for you, it is important to consider the advantages and disadvantages of each. The primary advantage of a will is that it can be drafted quickly and without the help of an attorney. In contrast, a trust requires more complex paperwork and the assistance of an attorney. Wills are also typically less expensive than trusts. However, they do not provide the same flexibility as a trust, and they do not take effect until after the death of the person creating the will. Trusts on the other hand provide more flexibility and control over the distribution of assets. The assets in a trust can be distributed according to pre-determined instructions without passing through a probate court. They are also more secure than a will and can be used to limit taxation on the estate. Ultimately, the decision of whether to include a trust or will in your estate plan depends on your individual situation and needs. An experienced estate planning attorney can help you decide which option is best for you.

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

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