In 2007, Harris Interactive® (for Martindale-Hubbell®) did a research study in which they found over the previous three years, 55% of all adult Americans did not have a will. Amazing considering 100% of us will need one. But what about a Trust?
You need both. The Will comes in to play once you have passed, but the Trust can function long before you leave this earth. The Will simply says to whom you wish to be the benefit of specific items in your estate, where the Trust can do far more. The Trust can give very specific directions as to how you want your estate handled. You could have money from your bank accounts and life insurance distributed to your heirs based on their age, it could be monthly over time or it could be once they reach certain milestones. Perhaps you only want your heirs to receive anything once they have graduated college. You can make that happen in your Trust. You can make anything happen in a Trust!
The other big things with the Trust vs. Will are privacy and court-avoidance. When you only have a Will, you must go to court to settle your estate if your assets exceed a certain threshold. With the Trust, you don’t go to court at all. As a result of going to court to process your estate through a Will, you also lose any privacy about the proceedings because everything will be public record. Not the case with a Trust.
Other Topics discussed on today’s show:
– The Supreme Court decides it’s ok to be swabbed for DNA if you are arrested.
– Small Community in Wisconsin decides to punish the parents of bullies with a Ticket
– Two-thirds of America unsure about Obamacare and whether they’ll use it or not
Listen to the 1st hour of today’s show:
Listen to the 2nd hour of today’s show: