What are the misconceptions between wills and trusts? Estate planning and probate attorney Kyle Robbins explains the differences between the two.
Video transcript:
Hello, everyone, Kyle Robbins here with the Law Offices of Kyle Robbins.
So I wanna talk a little bit about misconceptions between a will and a trust-based estate plan. A lot of times when people reach out to me, they think, you know what, wills are for regular people, and trusts are only for rich people. We’re not rich, so we don’t need to even talk about that.
And, you know, maybe decades ago that was true. But trusts are a lot more common nowadays for the simple reason that if you put your house into a trust, you typically don’t have to go through probate. You’ve named someone else to be in control when you pass away. You don’t have to get the deed to the home changed. You could sell the house the very next day if you have a trust, whereas, with a will, you have to hire a probate attorney, go in front of a probate judge, and deal with the probate process for many months, which costs several thousands of dollars. And usually, a simple trust is comparable to a will-based estate plan. It’s not much more difficult to put in place. So I think trusts are a lot more commonly used nowadays for just regular people, as opposed to only the ultra-wealthy.