Trust vs Will: Why Your Family Needs a Trust to Avoid Probate Court

Sarah Ocampo

Trust vs Will_ Why Your Family Needs a Trust to Avoid Probate Court_ocampo wiseman law_sarah ocampo_blog 1.png

 

Most people think a will is enough to protect their family's future. However, many don't realize that a will alone could create more challenges for their loved ones during an already difficult time. 

 

Let's explore why a trust might be the better choice for your family and how it can save them from dealing with court proceedings while grieving.

 

The Hidden Challenge with Wills: Probate Court

 

When you have only a will in place, your family must go through probate court after you pass away. This isn't just a simple paperwork filing – it's a court process that can be time-consuming, expensive, and emotionally draining for your loved ones. 

 

Probate is a legal checkpoint where everything in your will must be verified and approved before your family can access their inheritance.

 

Why a Trust Makes Things Easier for Your Family

 

A properly designed trust directs your assets to your loved ones without court involvement. 

 

Here's what differentiates a trust:

 

  1. Immediate Access: Your family can access their inheritance without waiting for court approval
  2. Privacy Protection: Unlike wills, which become public records in probate court, trusts keep your family's affairs private
  3. Cost Savings: By avoiding probate, your family saves on court fees and legal expenses
  4. Emotional Peace: Your loved ones can focus on healing instead of dealing with legal proceedings

 

Common Misconceptions About Trusts

 

Many think trusts are only for the wealthy or too complicated to set up. If you own a home or have assets you want to protect, a trust could be right for you. 

 

The initial setup might take longer than a will, but the long-term benefits for your family far outweigh the upfront investment.

 

Taking Action: Your Next Steps

 

If you're considering setting up a trust, here's what you should do:

 

  1. Evaluate Your Situation
    Consider your assets, family circumstances, and what you want to achieve with your estate plan.

 

  1. Gather Important Information
    Make a list of your assets, including:
  • Real estate properties
  • Bank accounts
  • Investment accounts
  • Valuable personal property
  • Life insurance policies

  1. Consult with a Professional
    Consult an estate planning attorney, who can:
  • Review your specific scenario.
  • Recommend the appropriate sort of trust for your needs.
  • Ensure that your trust is adequately funded.
  • Lead you through the entire procedure.

 

  1. Keep Your Trust Updated
    Remember that setting up a trust isn't a one-and-done task. You'll need to:
  • Review it regularly (at least every few years)
  • Update it after significant life changes
  • Ensure new assets are properly titled in the trust's name

The Bottom Line

 

While a will might seem more straightforward, a trust often provides better protection and peace of mind for your family's future. By taking action now, you're giving your loved ones the gift of a smoother transition during an already challenging time. 

 

Remember, the goal isn't just to pass on your assets – to make things as easy as possible for those you leave behind.

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Sarah Ocampo

Sarah Ocampo is the founder and CEO of Ocampo Wiseman Law, a Las Vegas-based firm specializing in probate, estate planning, real estate, and business law. With over two decades of legal experience, Sarah has become a trusted advisor for individuals and businesses navigating complex legal matters.

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