A will allows you to leave your assets to anyone you choose. It names a trusted decision maker (a personal representative) to wind up your affairs. The probate court will oversee the entire administration process at your death. A will may meet some clients’ needs.
A revocable living trust is a tool in which a trustee is appointed to manage the accounts and property that you transfer to your trust. Typically, you will serve as the initial trustee and be the primary beneficiary. Upon your death, the backup trustee manages and distributes the money and property according to your instructions in the trust document without court involvement.
If your wealth has grown or you have new loved ones to provide for, you may find the privacy, expediency, and potential cost-savings associated with a revocable living trust more appropriate for your situation.
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