X

Difference Between a Will and Trust

Many have wondered “What is a Trust? Can I afford one?” Or you might have even said to yourself, “Do I even need a Will?” The answer is yes. At a minimum, every adult should have a Will and durable Healthcare Power of Attorney. Controlling your healthcare treatment and the distribution of your property is a basic right regardless of your income, your assets or the size of your estate. Having a Will allows you to protect yourself and your wishes. However, a Will alone cannot avoid probate. Probate is a legal process that must happen to ensure the wishes of a Will are performed. The only way to avoid the lengthy and pricey legal probate process is to have a Trust.

Some have also thought, “Do I even own enough or have enough money to necessitate a Will or Trust.” The answer is yes. If you have a pet you need a plan. If you are single, you need a plan. Even if you have nothing to leave to anyone, you need a plan. Everyone should have an estate plan in place to at least ensure their medical treatment is carried out according to their wishes. This is done through a Healthcare Power of Attorney. This would ensure that in the event of a medical crisis, your doctors would understand your wishes regarding healthcare and end-of-life decisions.

The biggest difference between a Will and a Trust is control, not the amount of money you have. Even if you only had a special piece of jewelry to bequeath, a Trust can ensure the preservation of your wishes for privacy, protection and distribution. A Will cannot guarantee your privacy.

In South Carolina Wills are forced to go into Probate. It’s unavoidable.

Since probate is a public process, your privacy is exposed, making your Will EASILY contestable. The probate process can take a year and a half on average or more!

On top of losing valuable time, over 10% of your assets may easily be spent on probate fees, court costs, hiring attorneys and representatives.

There is a better way to protect yourself.  A Trust allows YOU to control everything while you are alive and in death. It’s like a container ship that holds and shields your assets from the stormy probate waters, constantly safeguarding you, regardless of how the tides turn. And you’ll have the peace-of-mind that your estate will be safely protected throughout the entire journey. With a Trust you always maintain control and can make changes at any time. Upon your incapacity or death, control turns over to whom you appoint to manage and distribute. Keeping your planned estate completely intact.

You may be thinking, “Can I afford a Trust?” The answer is yes. There are different types of Trusts and levels of protection, making a Trust the most economical decision you can make. Plus, you’ll save money and time by avoiding Probate.

A Trust puts you in control of your future; not a judge, or personal representative.  Learn more about the types of Trusts available to you. Let’s work to customize a plan that gives you maximum protection while you’re alive and in death. Preserve your legacy for generations to come, today.

 

Related Posts