What is a trust?
A trust is also a legal document that describes how you wish your assets to be distributed upon your death. However, unlike a will, a trust avoids the probate process.
If you have neither a will nor a trust, an administrator of the estate will be appointed by the court.
Can I change my will? Yes, wills can be changed during your lifetime as long as you are not mentally incapacitated.
How does a trust/living trust work?
You, the creator of the trust, create a document describing how you want your assets to be distribute when you die and designate a person to be in charge of carrying out your wishes. In a trust you remain in control of your assets until you die.
A trust avoids probate!
Can I change my trust?
Yes! The most common type of trust is called a revocable living trust. In a revocable trust, you, the creator, can make changes at any time during your lifetime.
Should I create a will or a trust?
The decision on whether to choose a will or a trust depends on various factors. Wills are less expensive in the short term, but they do not avoid probate court, and therefore the distribution of assets will still be overseen by the state so the expenses will be incurred after you die.
Going through probate involves hiring a probate attorney to help you navigate the court system and can become very expensive. A trust, on the other hand, avoids probate and court control of your assets.
Although a trust is initially more expensive, is the best along term solution.