A will vs a living trust: advantages and disadvantages
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With regard to real and personal property, what are the advantages and disadvantages of having a will as opposed to a trust?(300 + words)
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Solution Summary
The solution consists of a list of 11 points including advantages and disadvantages of a will versus a trust. Each of the 11 points has a sentence or two in explanation. There is also a conclusion.
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Will versus a Living Trust:
1. A will is much easier to prepare and can be hand written (holographic), signed, witnessed and be legal.
2. A trust is much more complex and requires either the preparation or review by an attorney. Differences in state laws suggest that a personalized document be prepared. In addition, the advice of an attorney regarding distribution of assets can be invaluable.
3. A trust is obviously much more expensive than a will, even if the will is prepared by an attorney.
4. A trust requires the ...
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