Wills vs. Trusts | Which is Right for You?

Attorney Justin Randall appeared on Local 5 Live recently to discuss Wills vs. Trusts. Do you know which one is right for you? Watch this short video for information on these types of Estate Plans and how you can protect your legacy with professional guidance from an Estate Planning Attorney.

Lisa Malak
Well, planning for the future for your family can be confusing.

Millaine Wells
And attorney Justin Randall from Hooper Law office is joining us to talk about an important topic, and that is Wills versus Trusts. Good morning to you.

Justin Randall
Good morning.

Millaine Wells
Well, let's start with that basic difference. What is it between a will and a trust?

Justin Randall
So the biggest difference between a will and a trust is how they're administered after someone passes away. So a really common misconception that people have is, well, if I have a will, I don't need to go through probate. But what a will specifically is, from a legal standpoint, is a list of instructions that you want followed by the probate process.

Justin Randall
So it actually in order for your will to be followed and administered, you have to go through probate. For it to be effective. Whereas trusts, while they can do a lot of the same planning that a will can do in terms of passing assets planning for the future, they avoid the probate process.

Lisa Malak
So, Justin, how much money should you have in order to consider setting up a will or a trust?

Justin Randall
So it's less important to factor in how much money somebody has. Like what size of state they have. The biggest difference for, you know, whether they're going to set up a will or a trust is really going to come down to which of the processes they want to use after they pass away for their estate. Are they really trying to avoid probate?

Justin Randall
Because if they are, then a will might not be the right plan for them because you're just not using the tool that you've prepared. One of the biggest myths with trust is that you have to have a certain amount of money. You know, like Bill Gates has trusts, very wealthy people have trusts. And while that can be a factor in setting up a trust, really, if you don't want to go through probate, but you still want the same planning that a will can provide, that's where a trust is really beneficial for you.

Millaine Wells
So how do you know which is best for you?

Justin Randall
So the best way to figure that out is to talk to an attorney that practices exclusively in the area of estate planning because they're going to be able to sit down with you, walk through your situation and figure out, well, based off of what your wishes are, what your planning goals are, and your family situation. Which of those two would be best for you?

Lisa Malak
So what is the process? How do you set up a will or a trust?

Justin Randall
So the first thing I've alluded to already is come in and talk to an estate planning attorney because it's important to get good advice on these things, not necessarily the Google advice that a lot of people and we're all guilty of doing. But it's good to talk to somebody who can really sit down with you and walk through the pros and cons of each type of plan for you and then draft those documents for you and make sure that they actually meet what your wishes are.

Justin Randall
Too often when we see someone come in with the online wills or online trusts that they may have used like a Legal Zoom or, you know, a similar type program to set up, these are people setting these up with no background in law. So they don't really understand a lot of times while picking this provision does. You know this for me. So we see a lot of mismatched planning with people who have not spoken with an attorney.

Millaine Wells
A great way to start the conversation is at one of the upcoming free seminars from Hooper Law Office. You can attend one happening on April 12th at either two or 6 p.m..

Lisa Malak
This is at the Culver Family Welcome Center in Oshkosh. It is complimentary, but they ask that your register at estate planning live dot com or by calling 9209930990. Thank you, Justin.

Justin Randall
Thanks.