A will alone leaves your heirs in probate for one to two years, costing 5-8% of your estate. A revocable living trust bypasses probate entirely and costs far less to set up.
If all you have for your estate plan is a will or nothing at all, I want to tell you what you're giving your kids. You are giving your kids 1 to 2 years of misery involved in a lawsuit trying to sort out who gets your stuff. In most states, every will has to be probated to make it enforceable. And in the end, they will end up paying 5 to 8% of the value of your estate for the privilege of doing that. The only people that come out ahead after probate are your creditors. But it does not have to be that way. Here's how you avoid all of that. You make a revocable living trust for a fraction of the cost and you completely avoid probate.
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