Estate Planning: Should You Get A Prius Or A Hummer?

Toyota Prius (NHW20) (Photo credit: Wikipedia)

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.

Hummer H3 (Photo credit: Wikipedia)

Hummer H3 (Photo credit: Wikipedia)

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.

 

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