What’s the difference between a Will and a Trust?
Lots of people ask me this question all … the … time! “What is the difference between a Will versus a Trust, and what is best for me?”, That’s why I put together this easy-to-understand comparison chart of what is a will and what is a trust.
Basically, a will is a document that the court follows through probate that spells out your wishes for who gets what. A trust is a document in which you transfer your assets to be managed by you through the trust and avoids the dreaded probate for your heirs.
This chart is a great way for you to easily see the difference, but if you want to know how to decide which one is better for you, register for my awesome [Free] webinar where I go in-depth about the differences between a will and a trust (as well as what’s in a full estate plan) to help you decide what is best for you. Check it out HERE if you haven’t seen it yet or need a refresher.
During that webinar, I talked about Your Estate Plan, our signature DIY estate plan which I created to make it even easier and affordable for everyone to create their estate plan.
We also now offer a do-it-for-you option where you answer some questions and then bam! you get Your Estate Plan delivered to your email ready to print, sign, and notarize.
I wanted to answer some other Qs you might have about Your Estate Plan specifically. I want to make it as easy and risk-free and a no-brainer decision as possible for you because you will get so much more than just a revocable living trust, you get a full estate plan and the knowledge to avoid probate for your loved ones.
So, here are some common questions that come up when people think about getting their very own Your Estate Plan (and at a discount):
WHO NEEDS THIS?- Trust me, this is you.
Anyone who is going to die or those who have the basic assets- house, banking accounts, automobiles, investments - and everything in between. YEP will give you the exact tools, templates, and language you need to get on the right track in avoiding probate. Having a Will is not enough. (with just a Will - pack your bags, kids, we’re all going to the land of probate.)
DOES THIS APPLY TO MY STATE?
You bet it does. Most laws in the US are quite similar from state to state and are often based on model statutes or codes that are adopted by almost every state. (Thank goodness or things would get pretty complex!) We are very specific in Your Estate Plan about which statutes/codes/laws apply to which states, so your documents are customizable and specific to you. We even have a handy rubric related to estate planning laws for your documents for all 50 states. Swanky, eh? Regardless of your state, Your Estate Plan will position you and your family to succeed in avoiding probate.
DOES THIS APPLY TO ANY OF US HERE IN CANADA, THE UK, AUSTRALIA–OR SOMEWHERE ELSE?
Unfortunately no. This is only for those in the United States. That is because each country has its own set of inheritance laws. So we leave that to the experts there. If you have assets in foreign countries, you’ll typically have to set up an estate plan specific to that country.
HOW MUCH DOES IT COST? (You can’t afford not to do this)
You can own the entire resource including all of the downloadable templates, videos, e-books, planning sheets, and documents for one payment of $997 or we even offer a payment plan to make it even more affordable to get this done. Your Estate Plan is valued at over $6,500 if you were to have a lawyer do everything in here for you privately. Crazy, huh?
We even offer a do-it-for-you option for $1450 or a generous payment plan as well.
WHICH TEMPLATES COME WITH YOUR ESTATE PLAN?
LOTS–and by lots, we mean over $6,500 worth. (If you hired a lawyer to draft them privately, that is.)
Your Estate Plan includes a fully downloadable and customizable Revocable Living Trust, Certificate of Trust, a customizable Pour-Over Will, Powers of Attorney (both for finances and medical decisions - why you are still alive but unable to make those decisions), Burial Instruction, Declaration of Remains, Living Will, HIPPA Release, as well as step-by-step instructions on helping you make tough decisions on things like who will make these decisions for you and be your advocate, guardianship nominations for underaged children, and more. All the information on how and why these documents avoid the probate process. (This is the point where you laugh maniacally about your newfound legal power to avoid having the state handle these things for you.)
WHAT’S THE FORMAT? IS THIS A COURSE?
Yes! But it is more than just a boring old course. I walk you through, step by step, on creating Your Estate Plan. We have 10 different modules that you can download one at a time, or all at once. There’s also a section if you just want to download the clean, customizable versions of the documents for you to use in creating your very own estate plan…stat. Then, of course, each section has a video on how to customize your documents and teaches you the why each one is important.
WILL I GET ACCESS TO EVERYTHING AT ONCE?
You bet – she’s all yours. Now and forever. Just log into your own course area to access any and all parts of Your Estate Plan whenever you want. It’s practically magic.
WHAT HAPPENS ONCE I PURCHASE?
You’ll be taken to our very special, behind-the-scenes course, where you’ll be able to download everything at once, or just one section at a time. Maybe you just want to download the Powers of Attorney documents, because you needed those yesterday because you’re going in for a surgery, and you want to dig into the rest later. No problem: there’s a section for that. Maybe you wanted to just download the videos and work your way into it and review the process first. No problem: there’s a section for that. Or maybe you just wanted to learn about how to transfer your assets, and you’ll worry about the rest later–no problem, there’s a section for that, and you can hop to it directly. We’ve got your back, and we want this to be as user-friendly (and easy) as possible.
READING ABOUT LAW & DEATH & PROBATE MAKES ME WANT TO VOMIT (me too friend)
This is not your average legal resource. In fact, one of the neatest features of Your Estate Plan is that it’s specifically created to be user-friendly, readable, and even enjoyable (as enjoyable as it can be); designed for the average person who doesn’t want to go get a law degree–but knows they need to get their legal needs in order (without going to Google University and getting one million varying—and inaccurate—responses). This was developed by a passionate law practitioner, peer-reviewed by lawyers, and then edited by you guessed it, lawyers, We try to make it FUN, readable, and easy.
WILL I STILL NEED A LAWYER–OR WILL THIS COVER ALL OF MY NEEDS?
This is everything you need to give yourself a strong estate plan and get the majority of your legal affairs in order. (Read: You and your family will be able to avoid probate and be sure your affairs are properly in order.) However, we always recommend hiring a lawyer to review your work if you need specific legal advice or just want peace of mind to have the documents reviewed.
We also offer a 30-minute document review as well to double-check your work and to give you some suggestions.
If you’re not sure about your specific situation, send us an email over to email@example.com We’ll be happy to help you make the right call!
I’M BUSY. I BARELY HAVE TIME TO READ THE NEWSPAPER, LET ALONE SOMETHING LIKE THIS.
How about we make the time. Really. We all like to think we have the time, but tough love right here: we’re all going to die. It’s honestly the only guarantee in life (that and taxes). So as much as I would love to have you not have to do this and put it off forever, there is a point when there won’t be any more time.
By not handling your estate planning, your loved ones will more than likely have to hire an attorney, gather documents, and file a petition with the court. Your assets will be frozen, they will have to front money to cover your expenses and your money will be unnecessarily expended to lawyers and the court. This can all be avoided by getting Your Estate Plan in place ahead of time and saving your heirs from unnecessary expense and time.
Making the time to show up live is honoring your commitment to yourself and your family to create an estate plan that avoids the probate process. Plus, we are offering a discount to make it even more affordable for you (I NEVER do discounts- so this is special)
Got more questions? Email me at firstname.lastname@example.org!
Download the Will vs. Trust comparison HERE.