What is better for me?

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What is better for me?

I’m single, no kids, incorporated. what is better for me a trust or a will. I’m going to turn 50 next year an unfortunately my brother-in-law past away last night which made me think that it’s time to do something. I’m going to contact a lawyer but don’t even no where to begin.

Asked on December 18, 2016 under Estate Planning, Colorado

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

There is no right answer: it depends on what you want to do. To oversimplify, a properly set-up trust gives you control over how money is used after you pass away, since it is distributed in accordance with the terms of the trust, which can remain in effect for years. A will distributes your assets all at once. (But note: a will can set up a trust, which comes into being only after you pass away.) Say you have a neice or nephew you want to care for and help, but who is young: instead of giving a young, immature person alot of money all at once, a trust, which will pay for living, medical, or school expenses over time is a good idea. On the other hand, if there is a charity you wish to support, you might simply will it the money. Decide what you want to do, then speak with an attorney about how best to do it.


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