8d • General discussion
A will and a trust are not the same.
If you have a trust, you generally don’t need a will because the trust already contains the instructions for how your assets are handled.
If you only have a will and no family trust, all of your assets must go through probate court.
Probate happens first, before your assets go to your heirs. First stop is the IRS, or creditors. It’s slow, public, and expensive.
The bare minimum everyone should have is a revocable living trust.
This keeps your assets out of court and avoids probate altogether.
A revocable living trust is typically enough if you don’t expect to build or pass on more than $15M single or $30M w/spouse and you’re not trying to do advanced estate planning strategies.
If you are… that’s a different conversation.
But for most people, this gets you 90% of the way there.
No Revocable Living Trust. = court drama.
Revocable Living Trust = peace and paperwork done right.
- Learned this today, formatted with chat GPT
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A will and a trust are not the same.
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