When it comes to managing your estate, wills and trusts are both legal documents that can be used. However, they are created under different laws. Wills are subject to probate law, while trusts are subject to contract law. Contract law is more stringent than testamentary law, so a living trust usually replaces a will.
Although it is more expensive to set up a living trust than a will, it is less likely to be contested. This is because the details of a trust are not public and there are fewer laws governing challenges to trusts. It is important to have both a will and a trust in order to protect your loved ones. The main purpose of wills and trusts is to name the beneficiaries of your property. With a will, you simply describe the property and list who should receive it.
When using a trust, you must do so and also transfer ownership of the property to the trust. When deciding which document is stronger, it is important to consider the cost and potential for contestation. A living trust is more expensive to establish than a typical will, but it is less likely to be challenged in court. Therefore, if you want to ensure that your wishes are followed after you pass away, a living trust may be the better option.
