Will or Trust

Wills and trusts serve different purposes, so asking which one is more important is like asking "which is more important, a fork or a banjo?" If someone dies without a will, that person's estate might pass through probate (depending on the state's laws and the size of the estate). If someone dies without a trust, there are no legal consequences (although there might be some tax consequences).

Thanks , Joe
My husband and I do have a Will so I am familiar with that but I have had people tell me that we should also have a Trust. Do most people have both?

A trust may be a good device to transfer assets to your heirs without those assets passing through your estate. For wealthy people, it's a good way to avoid some taxes. For those who would not be subject to estate or gift taxes, it may be unnecessary. Talk to your accountant and/or lawyer to see if setting up a trust is worthwhile for you.

Joe,
Thanks for you help.