A Last Will & Testament is a public record and can be read by anyone for any reason (i.e. nosy neighbors, 2nd cousins, etc.). For some people, this is a reason to get a Revocable Living Trust.
A Last Will & Testament will require a lengthy probate process but is easy to setup and maintain. A Revocable Living Trust requires several hours each year to maintain but skips probate and can simplify estate settlement.
The probate process can take 12-24 months to complete. Any beneficiaries will wait until probate is done to receive their inheritance. There are a few strategies to avoid probate on key assets.
Up to 40% of families report internal conflict when settling an estate. Transparency in planning and clear communication can help keep a family strong after a death.
*When a client completes the quiz for whether a Will vs Trust is best (and Trust is suggested by the questions answered), this is what it shows when you are suggested to select a Trust vs Will.
Given your priorities around ease, privacy, and speed for your loved ones, a Revocable Living Trust is a common choice. Your loved ones will be able to skip probate for most assets in the Trust, quickly distribute funds to beneficiaries, and keep family financials private.
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