What are the differences between trusts and wills for blended families?

What are the differences between trusts and wills for blended families?

Trusts and wills serve different purposes. A will outlines how your assets will be distributed after your death, while a trust can manage your assets during your lifetime and after. For blended families, trusts can help ensure that children from previous relationships are provided for without causing disputes.

Which one is better for protecting my children's inheritance?

A trust is often better for protecting your children's inheritance, especially in blended families. It allows you to specify how and when your children receive their inheritance, which can help prevent conflicts and ensure that your wishes are followed.

Can I set up a trust and a will at the same time?

Yes, you can set up both a trust and a will. Many people choose to have a will to cover any assets not included in the trust, ensuring that all your wishes are documented.

What happens if I only have a will?

If you only have a will, your assets will go through probate, which can be a lengthy and public process. Additionally, a will may not provide the same level of control over asset distribution as a trust, especially in complex family situations.