{"id":264,"date":"2016-05-27T11:39:44","date_gmt":"2016-05-27T18:39:44","guid":{"rendered":"http:\/\/ogbornelaw.com\/?p=264"},"modified":"2023-07-24T21:57:39","modified_gmt":"2023-07-24T21:57:39","slug":"3-differences-between-will-trust","status":"publish","type":"post","link":"https:\/\/webtechs-designs.com\/2023Ogborne\/3-differences-between-will-trust\/","title":{"rendered":"3 Differences Between a Trust and a Will"},"content":{"rendered":"<p>It\u2019s been said that nothing is certain in life but death and taxes, but did you know that most adults are not prepared for the latter? <a href=\"http:\/\/www.nolo.com\/legal-encyclopedia\/too-busy-make-will-think-again.html\" target=\"_blank\" rel=\"noopener noreferrer\">According to NOLO<\/a> only 54% of adults have a will, and, thankfully, 72% of them are parents.<\/p>\n<p>If you\u2019re in that group that doesn\u2019t have a will, or you may know you need one, do you need a living trust as well? What\u2019s the difference?<\/p>\n<p>Let\u2019s explain.<\/p>\n<p>In short, a will and a living trust both allow you to name beneficiaries to your estate. That is where the similarities end. Here are some of the differences that may be important to your plan.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/3-differences-between-will-trust\/#1_Having_a_Will_Doesnt_Mean_Avoiding_Probate\" >1. Having a Will Doesn\u2019t Mean Avoiding Probate<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/3-differences-between-will-trust\/#2_A_Living_Trust_Is_Kept_Private\" >2. A Living Trust Is Kept Private<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/3-differences-between-will-trust\/#3_A_Living_Trust_Outlines_Your_Wishes_While_Youre_Alive_and_Incapacitated\" >3. A Living Trust Outlines Your Wishes While You\u2019re Alive and Incapacitated<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/3-differences-between-will-trust\/#You_May_Need_a_Will_a_Trust_or_Both\" >You May Need a Will, a Trust, or Both<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"1_Having_a_Will_Doesnt_Mean_Avoiding_Probate\"><\/span><strong>1. Having a Will Doesn\u2019t Mean Avoiding Probate<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>One of the biggest issues that can occur after a loved one dies is figuring out how the estate will be divided. Although a will may clearly state all of your wishes, your heirs can get into a heated legal debate after you\u2019re gone.<\/p>\n<p>In a living trust, however, you transfer property <em>before<\/em> you die, meaning that property ownership simply transfers to your named beneficiary upon your death. A married couple can use a single living trust to manage any co-owned or separately owned property; which is not possible with a will.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"2_A_Living_Trust_Is_Kept_Private\"><\/span><strong>2. A Living Trust Is Kept Private<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>If you have a large estate, you may not want all of your personal affairs to become public, especially if there is a battle among your heirs.<\/p>\n<p>While a will is part of the public record, a living trust is not. When you die, your will must be submitted to probate court\u2014even if there won\u2019t be any probate court proceedings.<\/p>\n<p>The trust is only shared with the parties involved. Unless a court battle ensues (which is rare) details of your estate will never be made public.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"3_A_Living_Trust_Outlines_Your_Wishes_While_Youre_Alive_and_Incapacitated\"><\/span><strong>3. A Living Trust Outlines Your Wishes While You\u2019re Alive and Incapacitated<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>While a will only covers your wishes after your death, a living trust can be brought into play while you are alive in the event that you are no longer able to manage your affairs.<\/p>\n<p>In the trust you can name your spouse, partner, or another person to make important decisions when you cannot.<\/p>\n<p>If you do not have a living trust, you will need to have a living will to manager this aspect. Otherwise, your estate could go into a conservatorship and a judge will appoint whom they deem most fit to manage your finances and estate.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"You_May_Need_a_Will_a_Trust_or_Both\"><\/span><strong>You May Need a Will, a Trust, or Both<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Each situation is unique, and it\u2019s challenging to say which option is the best way to protect your estate and your family when you die. If you have children, there are some things you can do in your will that cannot be handled through a trust\u2014and vice versa.<\/p>\n<p>Don\u2019t take chances with your loved ones\u2019 futures. Trust a caring attorney who has experience developing estate plans for people of all income levels, with children and without.<\/p>\n<p>Remember, even if you only have minimal assets, you should still have a plan in place to ensure your wishes are carried out; you\u2019re never too rich or poor to need a proper estate plan!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>We&#8217;re often asked which is better for my family, a will or a trust? The reality is that it depends on your specific situation. And while we always recommend digging deep before deciding, here is some insight into the key differences between these tools.<\/p>\n","protected":false},"author":3,"featured_media":11675,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37,31],"tags":[],"class_list":["post-264","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-estate-planning","category-family-law","category-37","category-31","description-off"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>3 Differences Between a Trust and a Will - Ogborne Law, PLC<\/title>\n<meta name=\"description\" content=\"A will or a trust? Which one should you pick to protect your family&#039;s future? There&#039;s no simple answer. 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