Wills and trusts offer many advantages over no plan at all: They allow YOU to decide who gets your assets and who will manage the funds of any of your minor children until they are eligible to manage it themselves.
One disadvantage of a will is that typically any minor children would receive their full inheritance outright and unprotected at age 18. With a trust, you can decide to spread the payments out as you see best.
A will triggers probate while a properly funded trust avoids probate.
If you have any questions about estate planning or would like to schedule a free consultation, feel free to contact our Maple Grove, MN office at (763) 420-5087.