Which is better--having a will or a trust?

Answer 1

Both actually...

If you have all assets set up in a Trust, then everything is pretty much in one place after you die...

Having a Will spells out exactly what is to be done with that Trust upon your death

Answer 2

Q: Which is better--having a will or a trust?
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Well, there is a potential for them to be two totally different creatures. A trust is much more flexible as to what it can do, than a will. A trust is a considered a living, taxable "person" by the government, and as such is entitled to increase in assets (hopefully at fair market value) and participate in this land just as much as it's capacity allows.

The problem with a trust, though, usually comes in its administation. The corporation sole nature of the trust protects the natural identity of the "person" that controls the trust, be it another trust, a human being, or some other corporate entity.

Whatever is the asset of the trust, if it to be assigned to someone else, must be traded at fair market value, or otherwise defined in the trust documents.

In all actuality, a trust is a will, according to the will of the Grantor or Creator of the trust. But the lattitude and potential available in a trust is much greater than what you would find in a "will," as it can evolve and grow as a fictitious "person" according to the charter which governs it's function.

Of course, in terms of simplicity and in primitive uses, a trust and a will a very similar if not the same.

Answer 3

Both