What are the pros and cons of having a will or trust?
This is such an important question, especially in today’s climate. This question doesn’t really have a one-size-fits-all answer, but we’ll try to lay it out in very general terms: while everyone should at least have a will, not everyone is going to need a trust.

A will is one of the fundamental forms of end-of-life documentation and is something everyone should have. Dying without a will could complicate the transference of ownership to your spouse/kids, and leaves the door open to create conflict among your heirs – even if you don’t think your kids are the type to fight over assets, everything can change when a pile of money is on the table.

Whether or not you need a trust is a much more involved question, and is based on your individual situation, needs, and wishes for your assets. A trust allows you much more control over your assets after you die than a basic will would – you can specify terms such as, “The grandkids only receive their share once they’re age 30 and have earned a college degree,” for example. Certain types of trusts can also serve other purposes, such as helping to protect your assets from nursing homes in retirement.

The ‘cons’ are a much shorter list: a will is the most affordable option, but you’re only able to spell out who gets what. A trust allows you more control but comes with a bigger price tag.

To summarize: everyone’s situation is different. While some people may only need a basic will, there are many circumstances where a trust could be a more appropriate option. To know which one is right for you, you’ll need to sit down with a qualified Estate Planning Attorney to discuss your options. If you would like to meet with our Estate Planning Attorney, Wes Blanchard, give our office a call.

Check out this article, How to Take Advantage of New Estate Planning Opportunities Caused by the Coronavirus on our News Blog.

Have questions about this week’s content, or need help with your financial plan?  We’re here to help!  Simply call our office at (504) 832-9200 to schedule a complimentary Guided Planning System® consultation today or press the Schedule a Visit button on the top right of our site!