Here’s a quick comp
arison between a will and a revocable living trust:
Will:
- Simple to create: A will is easier and cheaper to set up. Our firm charges $1000 for an individual’s will. If both spouses require wills, the fee is $1500.
- Probate required: After your death, a will typically has to go through court. Specifically probate court. Going through Court can take additional time and money.
- Public record: Wills become public after they go through probate. They become a public record.
- No ongoing management: Doesn’t offer any protection or management for assets during your lifetime.
- Can be contested: Heirs or others can challenge a will in court.
There are many types of trusts. The most common one is a Revocable Living Trust:
- More complex to create: A trust is more involved and typically requires more upfront work. Kubik Legal offers packages a Revocable Living Trust Packages and trust documents. See our fees page for the differences.
- No probate: Assets held in a trust bypass probate, making the process faster and more private. Faster to get distributions made to beneficiaries is always a good thing. And privacy is always a plus.
- Private: Trusts generally do not become public records.
- Ongoing management: Allows you to manage assets during your lifetime and can name someone to take over if you’re incapacitated.
- Avoids contesting: For many reasons, it’s harder to contest a trust compared to a will.
- Can include all assets: Trusts can hold any asset, including real estate, financial accounts, etc.
Contact Kubik Legal today to schedule your free initial 30-minute phone consultation.