Living Trusts vs. Wills

When making your end-of-life plans, there are several options for distributing your assets that the Pennsylvania trust and estate attorneys of Saidis Sullivan Law can help you prepare. Our estate planning lawyers will help you decide which is the best option for your family, and we will help you prepare and file all the necessary documentation. Before you begin your estate planning, however, you should understand the basic differences between a Will and a living trust.

Wills and Living Trusts – What is the difference?

A Will is simply a legal document in which you designate how your estate will be distributed. In your Will, you can bequeath specific items such as a car, a house, or painting to specific individuals. The executor of your Will is charged with carrying out your instructions. Your Will also allows you to nominate a guardian for any young children you may leave behind.

A living trust, on the other hand, becomes the owner of your assets while you are still alive, and a trustee whom you designate can distribute or maintain them after you pass away. Any assets you do not specifically transfer to the trust can be transferred after your death with a document called a Pour-over Will.

The key difference between a living trust and a Will is how they operate after you die. When you pass away, your Will is subject to the proceedings of a probate court. If you hold property in another state, those assets must go through a separate probate court in that state. The court supervises any disputes or challenges to your Will. To manage your remaining assets after your death, you must also establish a Power of Attorney or Conservatorship on top of your legal Will.

Going through the probate court process can be both costly and complicated for your family, even with the help of a probate attorney. To make things easier for your survivors, you can choose a living trust, which is now subject to probate proceedings. A living trust is costlier to create and manage, but saves money and time for your family when you are gone. A Will, on the other hand, is cheaper to prepare, but more expensive and time-consuming to execute.

Our Attorneys Provide Peace of Mind

If you do not have a Will, a living trust, or another estate plan in Pennsylvania, call the estate planning attorneys of Saidis Sullivan Law today. It may be uncomfortable to think about death and dying, but making end-of-life plans is worth the trouble to provide for your family. Our attorneys will help you determine whether you need a Will, a living trust, or another estate planning option to give you the most peace of mind.

To find out whether a Will or a living trust is right for your family, please contact the Camp Hill estate and trust attorneys of Saidis Sullivan Law, providing peace of mind for families in Central Pennsylvania areas, including Cumberland County, Dauphin Count, Carlisle, West Shore, Lemoyne, Harrisburg and Camp Hill.