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

When creating an estate plan in Virginia, it is important to consider whether a trust or will should be included. Neither is necessarily better than the other, but both can be important components of a comprehensive estate plan. A trust is an entity created to hold assets on behalf of a beneficiary, such as a child or grandchild. Trusts are useful for transferring assets quickly and with less hassle than a will. Trusts also enable a person to maintain control over how and when assets are distributed, which can be helpful when managing a family’s finances. A will, on the other hand, is a legally binding document that outlines how a person’s assets should be divided upon their death. It also allows a person to appoint an executor who will be responsible for carrying out the provisions of the will. Wills also provide the opportunity to state preferences for funeral arrangements and more. Depending on your personal goals, you may want to include both a trust and a will in your estate plan. Working with an estate planning attorney can help you make sure your estate plan is tailored to meet your individual needs and objectives.

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

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