Why You Should Choose a Will Over a Trust in Honolulu
You may have heard about the advantages of choosing a trust over a will, which is often the preferred way of transferring assets after one’s passing. However, in certain situations, creating a will can actually offer more benefits than a trust. To determine which option is best for you, it’s advisable to consult with an experienced wills and trusts attorney who can explain all the legal options available. Unfortunately, there is limited information available about the advantages of a will over a trust for certain individuals. By reading this article thoroughly, you will gain all the necessary information on this topic.
What Circumstances Warrant Creating a Will Instead of a Trust?
There are several situations where creating a will may be a more viable option than creating a trust. Here are some noteworthy scenarios to be aware of.
Serving as the Guardian of Minor Children:
If you are the appointed guardian of minor children, creating a trust may provide more advantages than a will. This is because a trust requires the appointment of a trustee to manage the trust’s assets on behalf of the children. However, a potential issue with trusts is the inability to name a successor guardian to care for the children in case the current guardian is no longer able to do so. In such cases, creating a will is necessary to designate a successor guardian.
Owning a Substantial Estate:
When it comes to extensive estate planning involving numerous properties, it can be easy to accidentally omit certain assets from the trust. Unfortunately, any assets left out of the trust will not be subject to its control. To address this issue, a will, specifically a pour-over will, can be a viable solution. By creating a pour-over will, any assets not included in the trust will be directed to it, allowing the trust to manage those assets after the individual’s passing.
Having Specific Funeral Wishes:
If you have specific wishes regarding your funeral arrangements, creating a will may be more appropriate than a trust. This can include directives about what should be done with your remains or how you would like your funeral to be conducted. However, it’s essential to understand that a will does not legally bind your loved ones to fulfill all of your wishes after your passing.
Regardless of whether you have an estate plan or will in mind, it’s crucial to seek guidance from an experienced attorney before proceeding. Consulting with a legal expert can ensure that your plan is both efficient and effective.