When it comes to planning for the future, many people ask: Do I need a will or a trust? The answer depends on your personal circumstances, but understanding the difference can help you make the best decision for your family and your financial situation.
At our firm, we’ve helped thousands of clients win their disability claims. Now, as many of our clients move into retirement or face long-term health care planning, we’re expanding our services to include elder law and estate planning. That means we’re here for you even after your disability case is done.
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What Is a Will?
A will is a legal document that outlines your wishes after you pass away. It names who will receive your property, who will care for any minor children, and who will be in charge of handling your estate.
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Pros of a Will:
- Simple and inexpensive to create
- Names guardians for minor children
- Directs how your property should be distributed
Cons of a Will:
- Must go through probate, a court-supervised process that can be slow and costly
- Becomes public record
- Offers no help if you become incapacitated before death
What Is a Trust?
A trust is a legal arrangement that lets you transfer assets to a trustee, who manages them for the benefit of your chosen beneficiaries. The most common type for estate planning is a revocable living trust.
Pros of a Trust:
- Avoids probate, saving time and money
- Keeps your estate private
- Can manage your affairs if you become incapacitated
- Provides more control over when and how your assets are distributed
Cons of a Trust:
- More expensive to set up
- Requires you to actively transfer assets into the trust
So, Which One Do I Need?
That depends on your goals, assets, and personal situation:
- If you have modest assets and a straightforward family situation, a will may be enough.
- If you want to avoid probate, keep your affairs private, or plan for possible incapacity, a trust is likely the better choice.
- If you own property in multiple states or have complex family dynamics, a trust can save your loved ones time, money, and stress later on.
Special Considerations for Those on Disability
If you’re receiving disability benefits, a trust can also help protect your eligibility for government programs like Medicaid. A Special Needs Trust or Medicaid Asset Protection Trust may be appropriate, depending on your situation.
Planning for the Road Ahead
Whether you’re on Social Security Disability, Veterans Disability, or private long-term disability, you’ve worked hard to secure your financial stability. Now is the time to protect it. Estate planning isn’t just about what happens after you’re gone — it’s about making sure your wishes are honored and your loved ones are cared for, no matter what the future holds.
We’re here to help. If you’d like to learn more about wills, trusts, or planning for long-term care, give us a call.
Call us today at 800-562-9830
Or contact us online: DisabilityDenials.com
