It’s the fundamental question that arises in estate and legacy planning. Should I have a will or revocable living trust? The answer to this question is crucial to estate planning. Its answer informs the very building block of a workable plan. Your goals—whether asset protection, Medicaid planning, business continuity, spousal protection, etc.—cannot be addressed until you have reached a decision on your plan’s “anchor instrument.” Every estate plan is anchored by a core document from which other components of the plan proceed. This instrument is either a will or a revocable living trust. This article explores the pros and cons of each type of plan.
Many people...