Estate planning can be complex and your plans today could change on a future date, depending on your circumstances, but planning ahead for your loved ones is always a prudent idea. The question is: should you get a will or a trust? Below are highlights of the advantages of each instrument.
A trust is a prudent instrument when:
The people who will administer your estate live in another state
You have multiple properties/assets
Your asset portfolio is diverse
You simple want your heirs to by-pass the lengthy probate process and any applicable fees
Should something happen to you, as defined in your trust, your successor trustee could have (as directed by you) immediate access to bank account funds to take care of your needs
A will is the appropriate instrument when:
At least one person who will administer your estate lives in the same state as you, or most optimally, when they live in the same locality as you
Like most people, you have very simple estate: a house, a bank account, a car, and personal valuables
Trust instrument
Trust certificate
Power of attorney
Advance directive
One deed preparation to transfer one real estate into your trust
Additional deed preparation fee is $150 per deed
Will $500
Advance directive $200
Power of attorney $200