A will may be cheaper than a trust now. However, that may not be the case in the long run.
Many people decide on wills instead of trusts to save time and money. The problem with that thinking is that a will is more expensive overall than a trust, according to the Times Herald-Record in “Trusts will cost you less at settlement time.”
When someone passes away, someone must then administer either the will or the trust to make sure that property is distributed as the deceased directed.
Using a will requires going to probate court and having an executor, who can charge for the service to go through the process of administering the estate.
On the other hand, using a trust means that a trustee, who can also charge for the service, is required to distribute everything.
The trustee normally does not have to go to court, which makes it a much faster process. The speed means that the trustee may charge much less overall.
In the end, the trustee may be a lot cheaper than any money that might have been saved by getting a will instead of a trust.
An estate planning attorney can guide you in creating an estate plan that meets your unique circumstances.
Reference: Times Herald-Record (August 2, 2017) “Trusts will cost you less at settlement time.”
