Wills vs Trusts
?
Will Planning
Trust Planning
Effective Date
If a judge allows, after your death
As soon as you sign it
Protects You
No help during your life
Protects you in case you’re disabled
Protect Your Property
No protection during your lifetime
Risks guardianship of your estate
Protects property if you can’t
People you trust manage property
Whose Rules
Government’s Rules Control
Courts decide if they will
approve your plan
Your Rules Control
Your decisions control
who’s in charge & who benefits
Public or Private
Public
Your finances are made public
Private
Your property passes privately
Efficient
Legal system is complex, time-consuming and expensive
Your instructions control without delay and at minimal cost
Protect Against Lawsuits / Nursing Home
Assets held in your name are at risk
Assets held in trust may be protected
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