Should I do a Will or living Trust?
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Should I do a Will or living Trust?
I am married and my husband had delayed getting a Will for years. At this point, I want to at least have my own will, so our children have guardians. Do I complete a standard Will or living Trust? If it is the Trust, how do I handle the mortgage lender Trust letter? We are both on the deed to our house.
Asked on September 20, 2013 under Estate Planning, Illinois
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
I can surely understand your concerns here and I applaud you for getting this done. But honestly this is not the forum to do estate planning. I will try and guide you, though, in understanding a little of what you need to know to seek help in your area. Both Living trusts and wills allow you to name beneficiaries for your property. But they are really useful for different purposes. For example, a living trust allow you to avoid probate and have property pass directly to a beneficiary. But they do not allow you to name guardians for your children. You need a will to do that. Additionally, the property you own is jointly held and that will lass to your husband automatically upon your death. If it is part of your possessions when you pass then it will be probated unless the deed is changed. WHat most people don't understand is that you can have both and that they can act together, but you need an estate planner. Good luck.
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
I can surely understand your concerns here and I applaud you for getting this done. But honestly this is not the forum to do estate planning. I will try and guide you, though, in understanding a little of what you need to know to seek help in your area. Both Living trusts and wills allow you to name beneficiaries for your property. But they are really useful for different purposes. For example, a living trust allow you to avoid probate and have property pass directly to a beneficiary. But they do not allow you to name guardians for your children. You need a will to do that. Additionally, the property you own is jointly held and that will lass to your husband automatically upon your death. If it is part of your possessions when you pass then it will be probated unless the deed is changed. WHat most people don't understand is that you can have both and that they can act together, but you need an estate planner. Good luck.
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