Question

People often have questions about whether they need either a living trust or a will.

Describe a situation in which a person would have to decide between preparing a living trust or a will.

Provide enough detail for your situation to be realistic, and consider factors such as the following: Age of the testator/trustor Value of the estate Family members and dependents of the testator/trustor

Then determine if you think it would be more appropriate to have a living trust or will in this situation and explain your rationale for your decision.

Answer 1

A will is a legal document that help one declare who will be getting one,s property after death of owner. It is considered after death and also it can be amended and revoked in between.

Living trust is also a legal document that transfers properties or trust when owner of trust is incapacitated or die

Living trust is more lucrative as no court intervention is required but it involves complex process as trust should be funded and property should be transferred to trust to get benefits.

Let Me , age 64, have a property of 20 billions and have two sons and a wife. There is active business whose annual transaction is worth 50 Billion. This is huge amount and I don't want any disruption in business in case I die or get incapacitated. In this case trust will be better as court process or probate in lack of trust will be tedious and time taking . Moreover, huge asset value make it prudent to spend some bucks on funding trust and maintaining it.