Considering the legacy that you are going to leave behind is an important step when thinking about personal finances and family well-being.Understanding the difference between Revocable Living Trust and Will, two fundamental estate planning tools and free legal forms, can help secure your assets for your loved ones.

What is Revocable Living Trust?

A revocable living trust is an estate planning tool that is 'living' because it is established during your lifetime and 'revocable' because you can alter or cancel it at any time.

Property transferred into the trust, managed by a trustee, bypasses the often lengthy and expensive probate process. Upon your death, the trustee distributes the trust's assets according to your instructions.

A free revocable living trust online can offer you privacy, as its terms remain private and do not become public during probate.Furthermore, if you become incapacitated, a successor trustee you have designated can manage your financial affairs without requiring a court-appointed guardian or conservator.

What Does a Will Entail?

A will, also known as a last will and testament, is a legal document in which you declare who will manage your estate after your death. A will details the distribution of your assets to your beneficiaries.

A significant advantage of a will is that it allows you to name a guardian for your minor children. it is also a simpler and less expensive document to create than a revocable living trust.

Revocable Living Trust or Will - Which One is Right for You?

So, should you choose a revocable living trust or will? The primary considerations come down to your personal preferences, financial situation, and family dynamics. Here are some of the top factors to consider.

1. Complexity and Cost: Drafting a revocable living trust in Oklahoma involves more upfront work and expense but can save time and costs later as it can avoid probate.

2. Privacy Preferences: If you value privacy after your death, a revocable living trust won't become public record like a will.

3. Family Setup: If you have minor children, a will might be your preferred choice, as it allows for appointing guardians.

4. State of Residence: Some states have more streamlined probate processes which make a will more attractive.

Conclusion

In the end, it is your unique situation that will determine whether a revocable living trust or a will is the correct choice for you. Consult a legal advisor or experienced estate planning attorney to make the most appropriate decision.

Author Bio

Carl writes often about legal drafting and help.