I have heard that a living trust is better than a will – is that true?
Not necessarily. Estate planning is very individualized: what is best for one person or family may not be right for others. Many families are better off with a plan based on testamentary disposition based on wills. Trusts can be established by will that can protect minors and individuals with special needs who receive bequests under the will. For others, a revocable living trust can provide for a smoother transition because assets will pass outside of probate and a successor trustee is in place to help manage assets during the lifetime of the person creating the trust.