Estate planning is one of the most important steps you can take to protect your family and ensure your wishes are carried out. Many people think a simple will is all they need, but in some cases, a trust may be a better solution. Both wills and trusts serve critical roles in planning, but they operate differently and can produce very different results when it comes to probate, privacy, and control over assets.
At Ritigstein Law, we help clients across Camden, Burlington, and Gloucester counties choose the right tools to fit their personal and financial circumstances. With advanced training in taxation and years of experience in estate planning, we understand when a trust may provide benefits that a will alone cannot.
The Difference Between Wills and Trusts
A will is a written document that directs how your assets should be distributed after your death. It only becomes effective once you pass away and must go through probate court before your beneficiaries receive what you intended. Probate is a public process that can take months, sometimes longer, and it involves court supervision.
A trust, on the other hand, is a legal arrangement where you transfer assets into the trust during your lifetime. A trustee manages those assets according to the terms you create. Because the trust owns the property, assets typically bypass probate, allowing for quicker distribution and more privacy. Trusts can also give you greater control by specifying how and when beneficiaries receive assets.
Situations Where a Trust May Be Beneficial
There are certain circumstances where a trust can offer clear advantages over a will.
First, if you own property in more than one state, a trust can prevent the need for multiple probate proceedings. This can save time, money, and stress for your family. Second, if privacy is important to you, a trust may be preferable because, unlike wills, trusts are not public record. Third, if you want to set conditions on how and when beneficiaries receive assets, for example, if you wish to delay distributions until a child reaches a certain age, a trust can make that possible.
Trusts are also valuable for families who have loved ones with special needs. A properly drafted special needs trust allows you to provide financial support without jeopardizing eligibility for government benefits. Finally, individuals with larger or more complex estates may use trusts to help minimize estate taxes and streamline administration.
When a Will May Still Be Enough
Not everyone needs a trust. For people with smaller estates, few assets, or straightforward family situations, a will may be perfectly sufficient. A will is generally simpler and less costly to create, and it ensures that someone is appointed to handle your affairs through probate. Even if you create a trust, you will still need a simple will to cover any assets not included in the trust.
The choice between a will and a trust often comes down to your goals. If avoiding probate, protecting privacy, or maintaining control over distributions is important, a trust may be the better option. If your estate is relatively uncomplicated, a will can often meet your needs.
How We Help Clients Decide
Every family’s situation is different, and estate planning should never be one-size-fits-all. At Ritigstein Law, we take time to understand your goals, your assets, and your family dynamics. We explain the advantages and disadvantages of each approach and tailor a plan that meets your specific needs. Whether that means drafting a comprehensive trust, preparing a straightforward will, or combining the two, we ensure that your estate plan protects both your financial legacy and your loved ones.
Taking the Next Step in Your Estate Planning
If you are wondering whether a trust might make more sense than a will, now is the time to seek professional guidance. Estate planning is not just about documents, it is about creating peace of mind for you and your family.
Contact Ritigstein Law today to schedule a consultation. We will review your circumstances, answer your questions, and provide clear recommendations on whether a trust, a will, or a combination of both is the best path forward.
Disclaimer: The articles on this blog are for informative purposes only and are no substitute for legal advice or an attorney-client relationship. If you are seeking legal advice, please contact our law firm directly.
