Common Estate Planning Questions Part 2: Understanding Wills vs. Trusts

Let’s talk about something most people love to avoid – planning for when we’re not around anymore. We know – it’s not exactly happy hour conversation. But here’s the fact: taking care of this now could save your family from a mountain of headaches later.

In this second part of our Q&A series, we’re breaking down the nuts and bolts of estate planning in plain English. No fancy legal jargon, just straight talk about protecting the people you care about.

Question 1: Why would you do a trust instead of a Will?

Answer: Here’s a hard truth: if you don’t make a plan, the state has one for you – and you probably won’t like it. Dying without a will (that’s what “intestate” means in lawyer-speak) is like letting a stranger decide who gets your stuff. Your family ends up in probate court, which is about as fun as it sounds: expensive, time-consuming, and public. Yes, public – as in, anyone can look up what you owned and who got what.

A Will is better than nothing. Think of it as your instruction manual for what happens to your stuff after you’re gone. But here’s the catch: your family still has to go through probate. They’ll need to file paperwork with the court and possibly wait months or even years before getting access to anything.

A Trust, on the other hand, is like your own private transfer system. It keeps everything out of court and confidential. Your chosen successor trustee can handle things quickly and quietly, usually within weeks or months instead of years.

Question 2: Do We Always Need Probate?

Answer: Not always, but it depends on how you’ve set things up. If something is only in your name when you die, it’s likely heading to probate. But there are ways around this: joint ownership, beneficiary designations (like on life insurance or retirement accounts), and properly funded living trusts can all bypass the probate process.

Question 3: Why are people uncomfortable talking about death (& money)?

Answer: We understand these can be difficult conversations. But we have seen what happens when people avoid it and trust us – that is worse than having an awkward discussion now. Without a plan, you are leaving some stranger in a black robe to decide who raises your kids and manages their money. And speaking of money, whatever is left after court fees goes straight to your kids when they turn 18, no strings attached. (Remember what you were like at 18? Exactly.)

Plus, your family will likely spend much more time and money cleaning up an unplanned estate than they would if you had taken care of things properly. The good news? Creating a plan doesn’t have to be painful. With the right guidance, it can give you peace of mind.

Question 4: How Can We Make This Easy on Our Family?

Answer: The best gift you can give your family is a clear plan before anything happens. We help make this simple:

First, we’ll get crystal clear about what you own and what would happen to everything (and everyone) you care about if something happened to you. Then we’ll help you make smart choices about who gets what and who’s in charge of making it happen. Finally, we’ll make sure your plan actually works when your family needs it by keeping things updated as your life changes.

But we go beyond just paperwork. Here at Tritch Buonocore Law, PLLC, we take the time to understand your assets and your personal needs. We conduct a Planning Meeting to make sure there is Asset Protection within your Estate Planning, if this is a concern for you. We are here to help you and ensure you set up your legacy as you want it. For more information, contact our office at (480) 525-6244 or schedule a complimentary 30-minute Meet and Greet Here.