By The Law Firm of Figeroux & Associates

Estate planning is a cornerstone of securing your legacy and protecting your loved ones. However, many individuals struggle to distinguish between a will and a trust, two essential tools with distinct purposes. At Figeroux & Associates, we guide clients through these differences to help them make informed decisions. Below, we break down the step-by-step distinctions between wills and trusts.

Step 1: Definitions

• Will: A legal document outlining how your assets will be distributed after your death. It designates guardians for minor children and names an executor to manage the estate. A will only takes effect upon death and must go through probate, a court-supervised process.
• Trust: A fiduciary arrangement where a trustee holds and manages assets for beneficiaries. Trusts can take effect during your lifetime (living trusts) or after death. Assets in a trust typically bypass probate.

Step 2: Probate Process

• Will: Requires probate, which can be time-consuming (6–24 months), public, and costly due to court fees and legal expenses.
• Trust: Avoids probate, enabling faster asset distribution, privacy, and reduced administrative costs.

Step 3: Control and Flexibility

• Will: Offers limited flexibility post-death. Changes require amendments (codicils) or a new will.
• Trust: Provides greater control. For example, a revocable trust allows modifications during your lifetime. Trusts can also stipulate conditions for inheritance (e.g., beneficiaries reaching a certain age).

Step 4: Privacy

• Will: Becomes public record during probate, exposing asset details and beneficiaries.
• Trust: Remains private, shielding financial matters from public scrutiny.

Step 5: Incapacity Planning

• Will: Does not address incapacity. Separate documents (e.g., power of attorney) are needed.
• Trust: A living trust allows a successor trustee to manage assets if you become incapacitated, avoiding court-appointed guardianship.

Step 6: Cost and Complexity

• Will: Generally simpler and cheaper to draft but may incur higher long-term costs due to probate.
• Trust: Requires upfront effort to transfer assets into the trust (funding) but minimizes future expenses.

Step 7: Ideal Use Cases

• Will: Best for straightforward estates, naming guardians, or smaller asset pools.
• Trust: Ideal for avoiding probate, managing complex assets (e.g., real estate in multiple states), or protecting privacy.

Conclusion: Which is Right for You?

The choice depends on your goals, asset complexity, and desire for privacy. At Figeroux & Associates, our attorneys tailor solutions to your needs. Whether drafting a will, establishing a trust, or combining both, we ensure your legacy is protected.

Contact Us Today
Schedule a consultation to discuss your estate planning goals. Visit www.askthelawyer.us or call 855-768-8845 or text 718-986-4362 to schedule a consultation. Let our expertise bring you peace of mind.