There's a big debt going on over whether a will is sufficient or if people really need a living trust.
What's the answer?
The truth is, both are great estate planning tools and choosing the right one for you will depend upon your individual needs.
Someone who's just starting out for example, may not yet need all the bells and whistles that a living trust can offer. With only a small accumulation of assets and a limited number of heirs, a will might just be the perfect solution.
It's when you start adding in extended family members, mortgages, children, grandchildren, vacation homes, and the like that you begin to see the need for something a little more comprehensive.
Yes, a will still still take care of the basics but you'll be missing out on some very unique benefits that the living trust can offer.
For example, a living trust allows your heirs to skip the probate process and instead, inherit your assets without court supervision. A trust also keeps your estate private, away from the prying eyes of con artists and overly aggressive sales people looking to make a quick buck.
A living trust can do things like offer incentives to your heirs and protect disabled dependents who rely on government assistance programs. It can even protect your assets in the event you suffer from a disability later on in life.
So, is one better than the other? No, but there's definitely a choice that's most appropriate for you.
The only way to decide which tools are best for you is to talk with a qualified estate planning attorney.