Here’s a quick comparison between a will and a revocable living trust:

Will:

• Simple to create: A will is easier and cheaper to set up. Our firm charges $500 for an individual’s will. If both spouses require wills, the fee is $750.
• 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.

Revocable Living Trust:

• More complex to create: A trust is more involved and typically requires more upfront work. Kubik Legal offers a Revocable Living Trust Package that starts at $3000 for an individual, or $3500 for married couples.
• 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.