Would I be better off getting another Living Trust or a Will?
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Would I be better off getting another Living Trust or a Will?
Someone stole my Living Trust from my home. I am 85 years old need to get
a replacement soon. Living Trusts are very expensive. Would I be just as well
off but better off financially if I got a Will this time? My heirs are not desperate
for immediate money assets.
Thank You.
Asked on May 2, 2018 under Estate Planning, California
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
Wills are simpler and more straightforward than trusts; as a result, they are generally less expensive to have an attorney draft. If you are 85 and, as you state, your heirs are not desparate for money or assets, then unless you have a very large (several million dollars) estate and are trying to plan around the estate tax (there is presently no estate tax on estates until they are more than around $5.5 million for a single person, and that amount is increasing under the new tax plan), a will is more likely the best way to go.
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