Estate plans can be viewed like cars. Some folks prefer a Prius, because they need good gas mileage. Others choose a Hummer, because they need the room and the poor gas mileage isn’t a concern.
The estate planning comparison is between having a will and an estate plan, says an article on nwitimes.com.
The author noters that his friend has a Prius because he likes to save money on gas. He, however, drives a Hummer because he needs to transport a bunch of kids and their band instruments.
While the author would like to save on gas, it just isn’t sensible for him.
Where estate planning is concerned, a will is less expensive. But some people need a trust.
A trust keeps your family out of probate, the author notes. And it offers privacy and lower after-death expenses as well as ease of transfer of assets.
But a trust is more expensive than a will. And it requires some regular maintenance.
So both have pluses and minuses. It may come down to cost. Do the advantages of a trust outweigh the costs? It is up to the individual.
It is best to discuss it with a qualified estate planning attorney.
