What is better a trust or a will.?

Question

whats the difference?

Answer 1

Trust is better. You put your assets into it, and then you can change beneficiaries any time you want. You manage it untill and unless you can't, and you can pick someone to manage it if you're incapable. A will goes through probate, which in American can take 18 months, and a trust doesn't, so beneficiaries get the money fast. Also, a will is public information and a trust is private. Also, you don't have to give anyone control of it, and you can choose who gets it (the other person is wrong, I believe).

Answer 2

A trust (trust me I learnt this, my father passed.) Read this book if you can, he recommends Living Trusts, if you do not have a large estate Suze Orman has a great kit until your finances and estate grows.

"Smart People Finish Rich" by David Bach, I have the Women version, a great book.

Answer 3

Hi, not sure on the nuances. But a few things I Iearned through dealing my sister's death... She had a Will, but it was useless because on her beneficiary forms she listed her husband as beneficiary and children as secondary beneficiaries. Law sides with beneficiary forms, not what is in a Will. Afterwards I had my Will made by attorney and list details on how the estate is to be managed. On all beneficiary forms, my default answer is "To the estate of (my name)" This way it avoids funds being misdirected to beneficiaries that you may have wanted excluded in your most recent Will, but benefit because they are on file. Since your Will may be updated in the future, funds will always be disbursed as you intend. I post this, because many people assume their Will is the final word on how an estate is managed.

My niece and nephew were left homeless by their step-father. All because my sister listed him on forms in his presence to placate him. She wrongly assumed her Will would overwrite the insurance forms. It was a mistake that cost her children their home, college and a $500,000+ estate.

Sorry for the rant, but I try and share this story as much as possible to avoid any other misinformed disasters!

Answer 4

Trusts are for control freaks. They want to control things even after they are dead.

Love and blessings Don

Answer 5

if your benefactors will behave themselves, a living trust is usually more practical. You can give ownership while maintaining limited control via personal agreements and thus avoid all that probate and tax issues.