What is a will and trust? … which do I need?

  • If you would like to leave specific items or a percentage of your assets to specific people and your estate is worth less than $150,000 and the real property in your individual name is worth less than $50,000, you should consider preparing a will to distribute your estate.
  • If you are married and your estate exceeds the Estate Exemption Tax, you should consider preparing a Living Trust to preserve the Estate Tax Exemption.
  • If you would like to leave specific items or a percentage of your assets to specific people and your estate is worth more than $150,000 and the real property in your individual name is worth more than $50,000, you should consider preparing a Living Trust to distribute your estate. You should also prepare a “Pour-over will” to distribute any assets that that are not transferred to your Living Trust.