It will probably cost more, initially, to set up a well-drafted living trust than to have a will prepared. A true cost comparison reveals more important facts,. You need to include in the comparison not only the expense to establish the will or trust, but also what it will cost, in terms of time, ease of use, control and privacy should you become incapacitated and after you die.
The Key Takeaways:
o A living trust document has more provisions than a will because it deals with issues while you are living and after you die, a will only deals with issues that occur after your death.
o A properly prepared and funded living trust will avoid court proceedings at incapacity and death. A will provides no such protection and can, in fact, ensure court intervention at both events, which can be very costly (in time, privacy and dollars) to your family.