Let’s say – for the sake of argument – that you are going to die at some point in the future. And let’s assume you want to leave your family in good stead before you go, so you know you’ll need to take action sooner rather than later, given you don’t know your date of departure.
What do you need? You’ve heard that you are going to need a Last Will and Testament. You’ve also heard that Bigfoot exists. Is that true?
You may also have heard of a creature called a Revocable Living Trust and – like broccoli – it’s supposed to be good for you. Is THAT true?
Planning for the continuation of your family’s life when your physical body is no longer required may seem overwhelming and daunting. A glass of wine will soothe the overwhelm and help you make it through another day without having to think about anything as serious as dying. Is THAT true?
The answer to all these questions is “yes” (with the possible exception of Bigfoot. We are not qualified to speak on that.)
But while all are true, one strategy will be better for you than another.
Lynn St. Louis of ELG Estate Planning weighed in on the advantages and disadvantages of Wills and Revocable Living Trusts in the Spokesman-Review article, “Trust or Will: How to Navigate What is Best for your Family” dated Monday, January 3, 2022.
She does not weigh in on the advantages of wine.
How do you know what is right for you? Consulting with a qualified estate planning attorney will tell you what strategy is right for you. After getting to know you, your financial goals for your family and your life circumstances, the attorney can guide you in choosing the path that makes the most sense for where you are and where you want to be.
They may recommend a Last Will and Testament, one of a number of Trusts (there are more varieties of Trusts than just a Revocable Living Trust), or they may offer other strategies that will accomplish your goal more easily.
You generally won’t find an attorney who recommends wine unless it’s a glass of wine to toast the finalization of your estate plan!
For details on the difference between a Will and a Revocable Living Trust, please see Lynn’s explanations in the Spokesman-Review: https://www.spokesman.com/stories/2022/jan/03/trust-or-will-how-to-navigate-whats-best-for-your-/
And if you would like to create your estate plan, please call our office at 509-468-0551 and we’ll help you determine what is right for you.