There are a variety of things you need to know when it comes to choosing a living trust vs. a will. Despite popular misconception, a will is not your only option for giving your heirs your estate after you pass. Revocable living trusts provide individuals with a wide range of benefits wills cannot provide, including before-death benefits, after-death benefits, and the opportunity to avoid probate.<\/p>\n
A revocable living trust is a written agreement in which you determine who will be responsible for managing your estate once you become mentally incompetent or pass away. It is called a living trust because you write up the agreement when you are alive. The term revocable comes into play because you have the ability to alter or terminate the living trust as long as you are determined to be mentally competent.<\/p>\n
Many individuals, who are looking for privacy, and are trying to avoid probate, choose living trusts over wills. This is because probate records become public record, whereas living trusts remain private unless a beneficiary or trustee requests court approval of accounts within the estate. If you are looking to receive peace of mind about the future and want to take the burden of dealing with probate off of your loved ones\u2019 plates, a living trust may be your best option. After you pass, your heirs will immediately become the \u201cpower of attorney\u201d of your estate, which will allow them to grieve in peace.<\/p>\n