Why choose a Trust over a Will?
Wills
- Pros: Simple to create, less expensive upfront.
- Cons: Generally requires probate (time-consuming and expensive), becomes public record, offers no protection during incapacity.
Revocable Living Trusts
- Pros: Avoids probate entirely, keeps affairs private, provides for management of assets during incapacity, harder to contest than a will.
- Cons: More expensive to set up initially, requires "funding" (retitling assets into the trust name).
For most homeowners, a Living Trust is the superior vehicle for passing assets to heirs efficiently.