Understanding Wills vs. Trusts: Key Differences and What’s Right for Your Estate Plan

Episode Summary

In this episode of Leaving a Legacy, estate planning attorney Rose Harper breaks down the key differences between wills and trusts, helping you determine which option best suits your needs. Rose explains how probate can impact your estate, the advantages of trusts for business owners and parents, and why having a comprehensive estate plan is crucial. She also discusses the responsibilities of a trustee vs. an executor, the importance of properly funding a trust, and why many people benefit from having both a will and a trust.

Episode Timestamps

• 00:00 – Introduction
• 00:40 – Wills vs. Trusts: Key Differences
• 02:15 – The Probate Process and Its Challenges
• 03:06 – Factors to Consider When Choosing a Will or Trust
• 04:23 – How Assets Are Distributed Under a Will vs. a Trust
• 07:49 – The Real Cost of Probate and Why Trusts Can Save Time and Money
• 11:07 – When a Trust Is Better: Business Owners, Parents, and Complex Estates
• 13:08 – Responsibilities of a Trustee vs. an Executor
• 14:57 – Should You Have Both a Will and a Trust?
• 15:47 – Closing Thoughts & How to Connect with Rose Harper

About the Show

Leaving a Legacy – Navigating Estate Planning with Rose Harper Law is your go-to podcast for understanding the ins and outs of estate planning, wills, trusts, probate, and protecting your family's future. Hosted by leading estate planning attorney Rose Harper, each episode provides valuable insights to help you make informed decisions about your legacy.