When it comes to planning your estate, there are many decisions that need to be made that ultimately lead to a number of questions. One such query is that regarding living trusts vs. wills and which is better for an estate plan.
Wills speak to one moment in time and that is when you die, giving instructions to an executor on how you want everything to be distributed. Living Trusts enable you to give instructions to a trustee on how after you die your estate is to be managed for the benefit of beneficiaries over time.
In this Estate Planning Minute, Wes Coulson, Southern Illinois Elder Law attorney, discusses Living Trusts vs. Wills and explains one of the real advantages of planning your estate with a living trust is rather than with a will.
Living Trusts vs. Wills: Being able to give informal direction to trustees
Hi, I’m Wes Coulson and this is your Estate Planning Minute. I want to talk today about what I think is one of the real advantages of planning your estate with a living trust rather than a will.
Here’s the thing about a will – it’s intended to speak to one moment in time and that is when you die. So, it’s going to give instructions to an executor saying, “Here’s how I want everything to be distributed.” But, that’s not always what you want and it’s maybe not the best thing.
What a living trust does is it enables you to give instructions to a trustee on how after you die your estate is to be managed for the benefit of beneficiaries over time. You can use that to protect those assets from predators. You can also use it to make sure that an estate isn’t immediately squandered by someone who may not have the best thrift activities. You can do it to make sure that money is managed for the benefit of minor or young adult beneficiaries.
So, there’s just an awful lot that you can do to make sure not only that you leave an estate, but that the estate that you leave for your family is going to do them the most good. And really to me that’s the bottom line here – how can we do the most good for a family. Thanks.
For more information on Estate Planning, visit these articles:
- Does a Living Trust protect my life savings from long-term care costs?
- Is adding someone’s name to your accounts and okay substitute for a Power of Attorney for Property?
- Wills, Living Trusts and Powers of Attorney: How often should they be updated?
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Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (877)995-6876 or Contact Us and we will get in touch as soon as possible.