What is the difference between a will and a trust in terms of property inheritance?

A will and a trust are 100% different instruments; however, if you are inheriting a certain percentage, for example, the percentage will usually be the same if it is a will or a trust. If you've spent any time researching how to protect your family's estate, you've probably heard the terms "will" and "trust" thrown around a lot. But what is the difference between a will and a trust? In short, wills and trusts are two different ways of holding on to the property after someone dies. A will is more familiar to most people, while trusts are seen as more complex and sometimes even more useful.

 


People often ask me if they need both a will and a trust. The answer is usually yes. But the truth is it depends on what they want to accomplish. If all you're looking for is estate planning (i.e., making sure your assets go where you want them to go upon death), then it's possible that only a will could meet your needs. A will goes into effect when you die, so it makes sense that if you don't have anything besides real estate or personal property (like your car), then it may be enough to just create a simple document that says who gets what when you pass away. However, if you have significant assets of any kind (like real estate or money in a bank account), or if you have minor children who won't necessarily receive everything outright when they turn 18, then a trust might be something to consider.

Parklin Law LLC

5772 West 8030 South, Unit N206

West Jordan, UT 84081

(801) 618-0699

https://parklinlaw.com/advantages-of-using-a-trust-over-a-will/ 

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