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Wills vs. Trusts: What’s the Difference and Which One Do You Need?
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About the Show:
"If You Don't Plan, You Are Stupid" is a podcast featuring estate planning attorney Andrew Rosenberg, designed to demystify estate planning and help listeners make informed decisions about protecting their assets and loved ones.
Episode Summary:
In this episode, host John Clements and estate planning attorney Andy Rosenberg break down the fundamental differences between wills and trusts. They discuss when each option is appropriate, the implications of probate court, and why proper estate planning matters regardless of wealth level. Andy provides practical insights into how asset titling, family circumstances, and personal situations influence whether a will or trust is more suitable.
Key Timestamps:
00:00 - Show Introduction
00:52 - Basic differences between wills and trusts
02:22 - When is a will enough vs. needing a trust
05:11 - Do you need to be wealthy to have a trust?
08:14 - Understanding probate court and its challenges
12:54 - Hidden risks with only having a will
14:49 - First steps in estate planning
Main Takeaways:
- A will guarantees probate, while a trust helps avoid it
- Probate in Florida is expensive (3% attorney fees), time-consuming (12-18 months), and public
- Trust planning isn't just for the wealthy
- Estate planning should consider both death and incapacity
- Consulting with a qualified estate planning attorney is crucial
101 episodes
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