Estate Planning – A Will or a Living Trust?

• Thursday, April 26, 2018
• Category: Estate Planning and Estate Administration

ESTATE PLANNING

SHOULD I USE A WILL OR LIVING TRUST TO DEAL WITH MY PROPERTY?

Wills are the most popular estate planning tool. They are simple and pretty inexpensive to have drafted. A will is a written instrument which lays out how your property and wealth will be distributed to your heirs. A will is an easy and effective way for dealing with personal property and bank accounts, but if you own real property like a home or investment real estate, you should consider setting up a living trust.

The main benefit of a living trust is that your property will not have to go through the lengthy and costly probate process. Avoiding probate will save your heirs some major headaches, and therefore having a trust to hold your real property is one of the most important steps you can take in the estate planning process.

Reference: Lawkick.com/Basic Estate Planning tips

Kindly visit our Estate Planning websites or contact one of our Philadelphia Estate Attorneys or Estate Planning Attorneys, Philadelphia for more information on this topic.