Estate planning can seem complex, with various legal documents and strategies to consider. Two of the most common tools used for estate planning are wills and trusts. While both are designed to manage your assets and ensure your wishes are honored after your passing, they serve different purposes and offer different benefits. In today’s digital age, creating both wills and trusts online has become increasingly popular. This article will explore the differences between wills and trusts, their respective advantages, and how you can create them online with platforms like Wills.com.
Understanding Wills
A will, also known as a last will and testament, is a legal document that outlines how your assets should be distributed after your death. It allows you to:
- Designate who will inherit your property and possessions.
- Name a guardian for your minor children.
- Select an executor to manage your estate.
- Provide specific instructions for your funeral or memorial service.
A will is a fundamental part of estate planning, providing a clear plan for your loved ones after you’re gone. However, it’s important to understand that a will typically goes through probate, which can be a time-consuming and costly legal process, and your will is also made public, which may not be something that you want.
Understanding Trusts
A trust is a legal arrangement in which a trustee holds assets for the benefit of a beneficiary. Unlike a will, a trust does not typically go through probate, making it a more private and efficient way to transfer assets. Trusts can be used for many different reasons, such as:
- Managing assets during your lifetime.
- Avoiding probate and streamlining estate administration.
- Protecting assets from creditors or legal challenges.
- Providing for loved ones with specific needs.
- Reducing estate taxes.
There are various types of trusts, including revocable living trusts, irrevocable trusts, and special needs trusts, each with its own specific benefits and limitations. The type of trust that you need will vary depending on your circumstances, your assets, and your preferences.
Key Differences Between Wills and Trusts
While both wills and trusts are used for estate planning, they have key differences that make them suitable for different situations:
- Probate: Wills typically go through probate, a public legal process, while trusts generally avoid probate, providing more privacy and efficiency.
- Control: With a will, you have control over the distribution of your assets after your death, but you have limited control over how they are managed during your lifetime. Trusts can provide you with more control over how assets are managed both during your lifetime and after your passing.
- Cost: Wills are generally more affordable to create than trusts, but the overall costs may be higher if the will goes through a complicated probate process. Trusts tend to be more expensive to create, but they can save on costs in the long run.
- Flexibility: Trusts are often more flexible and can be more easily adapted to changing circumstances than a will.
- Privacy: Trusts provide a greater level of privacy, as they do not go through the public probate process, while wills are usually a matter of public record.
- Time: Wills can be created more quickly than trusts, and are often easier to manage, but often come with a longer more complicated process after death, while trusts can be more costly and complicated to create, but streamline the process after your death.
Creating Wills and Trusts Online
The digital age has made creating both wills and trusts more accessible and affordable than ever before. Online platforms provide a convenient way to create these documents from the comfort of your home, without the need to hire an expensive lawyer. Here’s how it works:
- User-Friendly Interfaces: Online platforms are designed to be easy to use, guiding you through the process step-by-step with clear instructions.
- Customizable Templates: Many platforms offer customizable templates that can be tailored to your specific needs, making it easy to create a will or trust that reflects your individual circumstances.
- Affordable Pricing: Online will and trust services are significantly more affordable than hiring a lawyer, making estate planning more accessible to all.
- Convenience: You can complete the entire process from anywhere, at any time, without the need for in-person appointments.
Wills.com: Your Comprehensive Estate Planning Solution
Wills.com is designed to be a comprehensive solution for all of your estate planning needs, providing you with the tools and resources you need to create both wills and trusts online. Here’s how we can help:
1. State-Specific Legal Documents
Wills.com provides you with state-specific templates for wills and trusts, ensuring that your documents are legally sound and compliant with all local requirements. Our platform is always up to date with the latest legal requirements, so you can be assured you are creating a legal document that is valid in your state.
2. User-Friendly Platform
Our platform is designed to be easy to navigate and understand, guiding you through the process with step-by-step instructions. You can create your will and trust from the comfort of your own home, and with the peace of mind of knowing that we are here to help you if you have any questions.
3. Remote Online Notarization (RON)
Wills.com provides you with an integrated network of 17,500 notaries that are available online 24/7, allowing you to notarize your documents from anywhere in the world. This makes the entire process much faster and easier, and allows you to complete your legal documents from the comfort of your own home.
4. Secure Document Storage
Your completed documents can be securely stored in our Vaultly™ service, ensuring that they are protected and easily accessible to your chosen executor or beneficiaries, when they are needed. You will also have access to your documents, so that you can review them and make changes as needed throughout your life.
5. Automated Delivery
With the Wills app, you can set up automated delivery protocols that will be triggered by an inactivity timer. This ensures that your chosen executor or beneficiaries will receive all the necessary documentation and instructions, in a timely manner. This also ensures that your documents will be delivered even if you are no longer able to manage your account.
6. Posthumous Video Messaging
Wills.com also provides you with the opportunity to record personal video messages for your loved ones that will be delivered automatically after your passing. This allows you to share your stories, your wisdom, and your thoughts with those you leave behind, creating a more personal and lasting legacy.
7. Flexible Options for Wills and Trusts
We offer a range of options for both wills and trusts, including basic wills, pour-over wills, living trusts, joint living trusts, and more. This allows you to select the best option for your specific needs, while also giving you the flexibility to upgrade your plan as your needs change over time.
8. 24/7 Customer Support
Our dedicated customer support team is available 24/7 to answer your questions and provide guidance throughout the entire estate planning process. We understand that estate planning can be difficult and confusing, so we are here to provide you with the assistance you need.
Making the Right Choice for Your Estate Plan
The decision of whether to create a will or a trust, or a combination of both, depends on your specific circumstances, your assets, and your goals. If you have a relatively straightforward estate, a will may be sufficient for your needs. However, if you have a more complex situation, a trust might be a better option.
Both wills and trusts are essential tools for ensuring your wishes are honored and your loved ones are protected, and Wills.com provides you with all the necessary tools you need to make informed decisions about your future. By combining our user friendly platform with our secure delivery, and a full host of features, Wills.com can help you take control of your future, and create a comprehensive estate plan that meets all of your needs.
Take Control of Your Estate Plan Today
Don’t let the complexities of estate planning prevent you from creating a plan that protects your loved ones and honors your wishes. With Wills.com you can create both wills and trusts online, easily and affordably. Start building your legacy today.
Disclaimer: This article is not legal advice. If you want legal advice, you should consult with a lawyer.