Is a Revocable Living Trust better to have than a regular Will if you are single with no children?

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Is a Revocable Living Trust better to have than a regular Will if you are single with no children?

Asked on August 3, 2010 under Estate Planning, Texas

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

You need to consult with a trusts and estates attorney, as well as possibly with a tax or financial consultant or advisor. There is no simple or easy answer--it depends entirely upon what you are hoping to accomplish. For example, a will does nothing and has no effect while you're living; it's all about passing your assets after you pass away. A trust however can effect current rights in and to assets as well as have tax implications. The thing to do is not initially worry about form--decide what it is you want to accomplish. Then meet with an experienced trusts and estates attorney (and possibly with a financial/tax professional as well), who can guide you in how to accomplish your goals.


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