Wills vs. Revocable Living Trusts

Creating and executing estate planning documents is just the first step. Once you have completed the documents, you need to know what to do with them. 

Before you commit to adding a trust to your estate plan, make sure you understand the differences between revocable (also called “living”) and irrevocable trusts because each offers advantages and disadvantages, depending on their purpose. 

While estate planning is important for married couples, it is arguably even more necessary for couples that live together without getting married. Without an estate plan unmarried couples won’t be able to make end-of-life decisions or inherit from each other.