When you use iWillandTrust.com to create your estate plan, you choose whether you want to create a simple will, a will with a testamentary trust, or a living trust. Watch the video on the right to understand the pros and cons of each.
In short, a simple will is nice and simple, short, and works well to govern how your assets will be distributed. It does not allow slow distribution of your assets, creditor protection for your beneficiaries, nor does it avoid probate. Although, if your assets are titles jointly with your spouse, a probate may only happen after you are both gone. A will with a testamentary trust is a will with a trust written in that comes to life only after your death; it can provide slow distribution of your assets and creditor protection for your beneficiaries, but it will not avoid probate. Lastly, a living trust can provide slow distribution of your assets, creditor protection for your beneficiaries, and avoids probate IF you have transferred all your assets into it at the time of your death. All three work well to govern how your assets are distributed.
Regardless of which option you choose, we will prepare all your documents for the same flat fee. After you “begin”, we’ll provide more guidance and recommendations based on your assets and wishes, and we’ll halp you make the choice that’s right for you.