You have two primary choices for transferring assets upon your death: the Will, which is the traditional method, and the Living Trust. If you die without either a Will or a Living Trust, the state controls how your property is dispersed. In addition, settling your estate will probably be more difficult and costly. The main difference between a Will and Living Trust is that a Living Trust allows your estate to avoid probate at your death. It is also an excellent tool to plan for the administration of assets in the event of disability. Neither the Will nor the Living Trust document, in and of itself, reduces estate taxes. However, both documents can be drafted to accomplish this goal.

Do you need a Living Trust? The answer depends on many factors, including the amount of your assets, the ability of your spouse to continue to manage assets acquired during marriage, and your health. We at Day, Edwards, Propester & Christensen PC have drafted a wide range of trusts. It should be noted that choosing your representative or trustee is one of the most important decisions you can make with regard to how your finances are handled while you are alive and how they will be distributed after you are gone.