Will or trust? A plain-English guide for Tennessee parents

If you have children and no will, you're in good company: it's one of the most common things people mean to get to and don't. When you do sit down to plan, the first question is usually the same. Do I need a will, or a trust?

What a will does

A will is a written set of instructions. It says who receives your property, names the person who'll settle your estate (your executor), and, for parents, names who would care for your minor children.

After you die, a will generally goes through probate: the court-supervised process of proving the will, paying debts and passing property on. Probate is a public process, and it takes time.

What a revocable living trust does

A revocable living trust holds your property while you're alive. You stay in control and can change it whenever you like. When you die, the person you've chosen as successor trustee passes the property on according to your instructions, usually without probate.

That can mean more privacy and a smoother handover for your family. It also takes more work up front: property has to be moved into the trust, and the plan costs more to set up.

Questions that point you one way or the other

• Do you own property in more than one state?
• How much do you value keeping your affairs private?
• Do you have a blended family, or a child who may need help managing an inheritance?
• How simple is your situation, really?

There's no single right answer. Many families are well served by a will; others are better off with a trust. The point of a consultation is to get a straight recommendation for your situation.

What it costs with us

Most estate plans at James Austin Law Firm are a flat fee, so you know the cost before you commit. Our will package (will, powers of attorney and healthcare directive) starts at $950 for an individual or $1,450 for a couple. Our revocable living trust package starts at $2,800 for an individual or $3,400 for a couple. Every matter starts with a consultation.