Privacy: Unlike a will, which becomes a public document once it goes through probate, a living trust is not made public.
Privacy: Unlike a will, which becomes a public document once it goes through probate, a living trust is not made public.
Control Over Distribution: A living trust allows for more detailed instructions on how and when your assets are distributed.
Potentially Avoiding Multiple State Probate Proceedings: If you own property in more than one state, a living trust can avoid the need for probate in each state
Cost and Complexity: Setting up a living trust is generally more expensive and complex than drafting a will.
Ongoing Maintenance: A trust requires management, and you may need to transfer any new assets you acquire into the trust to avoid probate for those assets.
No Tax Advantage: For most people, a living trust offers no significant tax benefits over a will. Both are subject to the same estate tax rules.
Not a Complete Substitute for a Will: Even with a living trust, you might still need a will to cover any assets that haven’t been transferred to the trust and to make certain designations
Size of Estate: For smaller estates or where probate is relatively simple and inexpensive, the benefits of a living trust may not justify the costs.