When are you better off with a will or trust?
Hi, my name is Jordan Flake. I am an attorney. I am also the managing partner of Clear Counsel Law Group. One question that we end up getting a lot in consultations is, “Is there ever a time that a will is preferable to a revocable living trust?” I know that out there, you hear a lot about a trust and how important it is. You hear your friends talk about it. Maybe you have a trust.
Probably the main difference between a will and a trust in terms of when will it will ever be more preferable is a simply a question of cost. It’s almost always in every example that I can think of, it’s going to be more costly in terms of attorney’s fees to set up a trust than it is to do a will. Now that being said, don’t let cost deter you from setting up a trust, because a lot of times especially if you have real property, if you have minor children, if you have significant assets, then the trust is a much better way to go.
I’m thinking of a client of ours, Clyde. We’ll call him Clyde, Clyde the Client. Basically, he just lived in an apartment. He lived on his social security. He didn’t really have any assets, but he had a stamp collection or whatever any other items of personal property. In that situation, we didn’t want to charge him and put him through the additional process of creating an entire trust. There really wasn’t anything that he was trying to pass at that time in his death that would necessitate a trust.
We just advised him to do a will because really all he had were some items of personal property that he would pass. I would say that’s one scenario where a will could be preferable to a trust. Again, I would reemphasize, don’t let the difference in cost dissuade you from getting the right legal instrument for your situation. Furthermore, at Clear Counsel Law Group, we’re very, very competitive with the marketplace in terms of making sure that you get an outstanding product at a very, very competitive rate.
Even if you do need a trust, we can assist you with that. We can also be flexible in terms of payments and things of that nature. If you think you might need a trust or a will, or if you’d like to have your state plan reviewed, please set up a consultation with me. I’ll do a complementary consultation in our office. I look forward to seeing you.