Wills and living trusts are important documents in estate planning as they transfer property to heirs. However, deciding between a living trust and a will can be challenging and stressful since both have their drawbacks and benefits.
For example, with a living trust, you avoid probate costs while with a will, you have to go through court proceedings for validation. But wills are simpler to draw up, and they don’t require ongoing management. Moreover, you don’t need to change ownership or make transfers during a lifetime.
In contrast, living trusts provide for management of your finances, and your terms don’t become public record. Ultimately, the decision you make depends on your estate planning needs. Consult with our real estate attorney Joliet today, to help you understand wills and living trusts.