Writing a legal document which details your wishes after your death can be difficult, especially with the range of choices that you have. Many people decide to go for a simple will, while others choose to use complex estate planning to make sure that their affairs are sorted. The alternative to using a will is to set up a trust. Here are a few of the factors which will affect your decision when it comes to deciding between the use of a will and a trust, but you should always consult an experienced wills lawyer before making any significant decision.
So, what things do you need to think about when choosing whether to use a will or a trust?
The size of your estate:
Generally, trusts are more suitable for people who have a relatively large estate and a lot of assets. This is due to the fact that it does cost money to set up an estate, and it simply isn’t worth doing if you don’t have a significant amount of assets.