Wills Versus Trusts

There is quite a bit to consider when deciding whether to use a will versus a trust for your estate planning needs. Professional analysis of your individual situation is necessary to ensure that your wishes with regards to your wealth, and as it affects your heirs and your benefactors, are paramount. 

When deciding to use a will versus a trust, three main criteria can be considered.

First, are you under 40 years old or over 60 years old? If you are closer to 60, we might lean more towards establishing a trust, for a number of reasons. 

Secondly, does your family have under or over a million dollars in assets?  If your family has over a million, we would lean towards a trust in many cases.

Finally, are there divorces, conflicts, or family-owned businesses which complicate the issue of wealth preservation and management in your family? If these conditions exist, a trust can help provide a measure of stability.

At Smith Strong, we help clients with their estate planning needs every week.  Call 804-325-1245 for assistance today.