Q: Should I get a will or a revocable living trust?

A: Most people with significant assets use a revocable living trust, in addition to a will. The main advantage of the trust (over a will) is your heirs get to avoid the ugly probate process (a potentially expensive and time-consuming legal process), your affairs remain private (financial affairs can become public record during the probate process), and it is much more difficult to contest a trust than a will. The other advantage of the trust is it can remain intact and continue to hold and distribute assets for many years after your passing. Read: Lack Of Estate Plan Puts Prince’s Estate In Jeopardy.