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Should You Have a Will or a Revocable Living Trust?

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...

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