Why a Trust May Be the Smarter Choice for Wyoming Families

When planning your estate, you have several options – a last will and testament and a revocable living trust. While a will is better than no plan at all, a revocable trust provides significant advantages — avoiding the costs and delays of probate and protecting your family against incapacity.

What Is a Revocable Living Trust?

A revocable living trust is a legal document you create during your lifetime that holds title to your assets, including your home, bank accounts, investments, and other property. You serve as trustee while you are alive and competent, maintaining complete control over trust assets. You can amend or revoke the trust at any time. Upon your death or incapacity, a successor trustee you have named steps in to manage or distribute the assets according to your instructions all without court involvement.

The Probate Problem: Why a Will Alone Falls Short

A will does not take effect until it is admitted to probate — a court-supervised process that can be time-consuming and expensive. Probate can take six months to a year or longer to probate, and court filing fees, publication costs, and attorney fees add up. During that period, your family may have limited access to assets.

A revocable trust avoids probate entirely. As the trust owns the assets, there is no probate at your death. Your successor trustee can distribute property to your beneficiaries without court oversight.

Protecting You During Life: Avoiding Guardianship and Conservatorship

One of the most overlooked benefits of a revocable trust is what it does for you while you are still alive. A will is only effective after death. It provides no protection if you become incapacitated due to illness, injury, or dementia. Without a trust, your family may be forced to seek a court- appointed guardian (to manage your personal and healthcare decisions) and a court-appointed conservator (to manage your finances). These proceedings can be costly, emotionally draining, and time-consuming — even when family members are in full agreement.

A properly funded revocable trust addresses this directly. If you become incapacitated, your successor trustee can immediately step in and manage trust assets on your behalf. They can pay your bills, maintain your home, and provide for your care without any court petition, hearing, or ongoing judicial oversight. Combined with a durable power of attorney and advance healthcare directive, a trust-based plan can give your family everything they need to act quickly and decisively on your behalf.

The attorneys at Yonkee & Toner have helped Wyoming families create comprehensive estate plans tailored to their unique needs and goals. Contact our office to schedule a consultation. Let us help you protect what matters most.