You do not have to choose one or the other. In estate planning, it is best to cover all your bases. You can choose to have a Last Will and Testament (“Will”), a Revocable Living Trust (“RLT”), or both.
The Will allows you to specify how your assets will be distributed. For example, if you intend to leave your condominium unit to your eldest child, you can specify that in your Will. Your Will can also contain instructions and wishes regarding your funeral and burial.
A RLT, on the other hand, allows you to establish specific conditions regarding the transfer of your assets. For example, you can set up a Trust for your minor child, who will get an allowance of $2,000 each month until they complete their undergraduate education. However, you will have to transfer cash assets into the name of the Trust first.
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