Q I have a will. Should I do a trust?
It is personal preference. We take the time to explain all of the options to our clients and help them choose which plan best meets their unique needs and goals. A will requires a probate proceeding to administer your estate upon your passing. Probate is time consuming (approximately 12-16 months in Minnesota), can be expensive (averages 3%-5% of the value of the gross estate), and is completely public. A properly crafted and funded trust avoids the probate process. We explain the differences this way: a will is cheaper and easier on the front end but far more expensive and difficult to administer at the back-end due to probate; a trust is more expensive and a bit more work to do at the front but much cheaper and easier for the family in the long run.