Should You Get a Trust or a Will?

The primary difference is probate. A will requires probate court supervision to transfer assets, which can take 6-18 months and cost 3-8% of the estate. A properly funded trust avoids probate entirely, allowing assets to transfer directly to beneficiaries in 2-4 months with lower costs. Trusts also provide incapacity protection and privacy that wills do not offer.

A will may be sufficient if your estate is below your state's small estate threshold (typically $25,000-$150,000), you have simple assets, and you don't own property in multiple states. For estates above the threshold, trusts typically save more in probate costs than they cost to create and administer.

Wills are cheaper to create ($0-$500) but expensive to probate (3-8% of estate value). Trusts cost more upfront ($1,500-$3,000 for professional help) but avoid probate entirely. For a $500,000 estate, probate might cost $15,000-$40,000, while a trust saves those costs by avoiding probate.

Yes, trusts are portable. You can create a trust under any state's laws and it remains valid if you move. Many people choose Nevada or Delaware for their trusts due to favorable asset protection laws, no state income tax, and strong privacy protections. The trust situs (governing law) is independent of where you live.

A Nevada trust is a trust created under Nevada law. Nevada offers no state income tax on trust income, strong creditor protection, robust privacy laws, and no requirement to live in Nevada. Nevada trusts are popular for high-value estates and families with multi-state property because they provide consistent rules regardless of where you live.

Yes, you should have a "pour-over will" that transfers any assets not in the trust at death. This catches assets you forgot to transfer or acquired just before death. The pour-over will directs these assets into the trust, ensuring your complete estate plan is followed. Most trust packages include a pour-over will.