It’s important for every adult to create a living trust or will to ensure their last wishes are carried out. But which one is right for you? While both help determine who will receive your assets and property after you have passed away, there are pros and cons to each one. Missouri’s Woodlawn Law Offices wants to help you understand the differences so you can make the best decision for your circumstances.

Will

A will is a simple way to document how you would like to distribute your property to your beneficiaries. The cost is minimal, and you only need a witness to sign it. A will allows for the assignment of guardianship for your children and a manager for any property assigned to them until they are 18 years old. You can also express how debts and taxes should be paid on your behalf. Your will can be revised as many times as you like. 

The difficulties of dealing with a will fall on the shoulders of the named executor—the person assigned to distribute your property. The executor will have to spend a lot of time and money in probate court to carry out your wishes, which can put quite a strain on them. 

Living Trust

While a living trust is more expensive than a will, it’s also more extensive and ensures the beneficiaries have fewer responsibilities. A living trust allows your wishes to remain private and uncontestable. It includes the transfer of property documentation and eliminates the hardship of having to go to probate court. It also does away with the burdens of being an executor. 

Like a will, a living trust allows property to be left to your children. However, you don’t need to assign a manager. This document may also be amended numerous times.

When deciding between a will and a living trust, it’s best to consult a lawyer experienced in estate planning. Every circumstance is different and personal. Find someone trustworthy to help you manage your last wishes. Estate planning with Woodlawn Law Offices will ease your worries and guarantee everything will be taken care of when you’re gone.

Woodlawn Law Offices covers five counties and 22 cities across Missouri. Call their office at (636) 240-6667 to set up an appointment and begin your will or living trust today, or visit them online to find the location nearest you.