If you don’t have a will or trust then the government has one for you.  By having a will or a trust you can ensure that your property will go to the people you want it to go to. 

SHOULD I HAVE A WILL, A TRUST OR BOTH?

Wills are effective at making sure your property or the custody of your children goes to whomever you wish. However, wills are subjected to a public court process called “probate” which costs money in the form of legal probate fees and court fees.  Trusts, however, are not subject to probate and avoid the fees and privacy issues associated with probate.  Further, a trust can accomplish everything a will can but with far less cost and hassle.  There are also a number of other uses for a trust as they can play an important role in tax planning, asset protection and gifting.