From Kiplinger · · 1m 40s
Will vs Trust: What You Really Need
Your estate plan might need both a will and a trust for smooth inheritance.
In brief
Your estate plan might need both a will and a trust for smooth inheritance. A will ensures assets go to chosen heirs after death, while a trust bypasses probate for privacy and speed. Originally reported by Kiplinger.
The core difference
A will traces back to English common law and the Middle Ages, but probate is slow, expensive and public.
Why probate matters
When you die with a will, your estate goes through probate, a court-supervised process that can delay access to assets.
How a trust works
A revocable living trust bypasses probate, keeping assets private and allowing faster distribution to chosen heirs.
Why you might need both
If you have a revocable trust, you still need a will to sweep leftover probate assets into the trust.
Myths about trusts
Most people think trusts are expensive and only for the wealthy, but 95% of trusts are revocable living trusts.
Myths about wills
Wills do not avoid probate, and named executors gain no authority until probate is finalized.
Three key questions
How would your family get by after you're gone? Who will handle the work? How much do you care about privacy?
What matters most
Privacy, speed of access to assets, and whether to do the work now or later determine the right estate plan.
Who to ask
Shelby Anderson and Patrick Schultz, Senior Wealth Planners at Clark Capital Management Group, provide expert advice on estate planning.
The right choice
Your estate plan might need both a will and a trust to ensure smooth inheritance for your family.
At a glance
A will ensures assets go to chosen heirs after death, while a trust bypasses probate for privacy and speed.
