Trust & Will Review: Simplified Estate Planning

At some point, everyone has to ask themselves the uncomfortable question of what would happen to their assets if they passed away. 

The question is especially pressing for young parents seeking to provide a stable financial future for their survivors.

While estate planing my be important to you, the cost of working with a traditional attorney to hammer out the details might be out of your budget. That’s where Trust & Will can step in to help you create the estate plan you need without breaking the bank. Let’s take a closer look at what Trust & Will has to offer.

What Is Trust & Will?

Trust & Will was founded in 2017 by Brian Lamb, Cody Barbo, and Daniel Goldstein. Since its founding, the company has helped over 250,000 Americans create an estate plan.

The San Diego-based company is on a mission to make estate planning simple and affordable. Based on the overwhelmingly positive customer feedback, Trust & Will seems to be succeeding in its objective.

What Does It Offer?

Trust & Will can help you create an estate plan. Here are the features that stand out.

Three Estate Planning Products To Choose From

Everyone has their own reason for setting up an estate plan. With that in mind, Trust & Will offers three different options so that you can accomplish your specific goals.

Below, we cover the key details of each product. Based on your unique situation, you can choose the right level of service.

Will

The next level is a will-based estate plan. Within these documents, you can outline specific wishes which may include:

• Choosing who will handle your affairs
• Naming specific gifts
• Nominating guardians for children and pets
• Distributing your assets
• Excluding certain individuals
• Including requests for your final arrangements
• Indicating your decisions for medical emergencies
• Designating trusted individuals access to your medical information
• Designating individual health care agents

These wishes will be placed in a series of legal documents including your Last Will & Testament, a HIPAA Authorization, a living will, and a power of attorney. The will-based package may be the best option if you want a comprehensive estate plan without a trust involved.

Trust

The last option is the Trust-based estate plan, which offers the most comprehensive option to protect your assets and loved ones. In addition to being able to outline all of the same wishes that are included in the "Will" package, you can also:

• Add conditions to the distribution of assets
• Set up a procedure to avoid probate court

These wishes will be placed in a series of legal documents including a Revocable Living Trust, a Schedule of Assets, a Certification of Trust, Last Will & Testament, a HIPAA Authorization, a living will, and a power of attorney.

Convenient Process

When you create an estate plan, most of us assume that a large amount of physical paperwork will be involved. But with Trust & Will, that is not the case. Instead, you can answer a series of questions that will form the basis of your estate planning documents.

After the documents are created, you can sign and notarize them on your own time. The notary step is critical because it makes the documents legally binding. But you’ll be able to tackle the final hurdle at your own pace.

Attorney Support Available

Attorneys design the documents that are available through Trust & Will. But you can also add unlimited attorney support at the cost of $300 for the year.  If you choose this upgrade, you can ask for a line-by-line review of the document, support on the paperwork, tax advice, and legal planning advice.

Share Information With Loved Ones

You can share the documents created by Trust & Will seamlessly. The documents are virtually accessible by parties with permission. This can come in handy if you want your family members, trustees, or executors to have regular access to your will.

Are There Any Fees?

When you work with Trust & Will, there are costs at each level.  

If you choose the Will-Based package, the cost is $199 per individual or $299 for couples. This includes one complimentary hard copy of your documents. You’ll need to pay $19 per year after that for the ability to update your documents.

If you choose the Trust-Based package, the cost is $499 per individual or $599 for couples. This includes one complimentary hard copy of your documents. You’ll need to pay $39 per year after that for the ability to update your documents.

Additionally, you’ll need to pay $300 per year if you want access to unlimited attorney support.

How Does Trust & Will Compare?

Trust & Will offers a convenient way to digitally create your estate planning documents. However, it isn't the only software that offers this ability. The Tomorrow app (by Ethos Life Insurance), for example, offers free will-making services (with paid upgrades available) and its trust packages start at $99. However, Tomorrow doesn't provide access to attorneys.

Fabric is primarily known for its life insurance plans, but it also allows anyone to create a free will online. You don't need to buy life insurance from them to use their will-making software, which is great. But you can't use Fabric to create a living trusts and you won't have attorney access.

How Do I Open An Account?

Ready to work with Trust & Will?

Start by visiting their site and selecting the ‘Get Started’ button. You’ll be asked to create an account with your email and make a password.

Once you select the plan type you want, you’ll be asked a series of questions about your financial details, proposed guardians for minors and pets, asset distribution, final arrangements, and health care preferences.

After Trust & Will has the information, it will instantly draw up the documents.

Is It Safe And Secure?

Trust & Will uses bank-level security to keep your information safe. The company uses Plaid to retrieve and sync your financial accounts. Plus, all personal information is secured via SSL technology. 

How Do I Contact Trust & Will?

You can reach out to Trust & Will over the phone at 866-908-7878. The line is open Monday - Friday from 7 AM to 5 PM (PT), Saturday from 9 AM to 1 PM, and Sunday from 7 AM to 2 PM. You can also connect via Instagram, Facebook and Twitter @trustandwill.

Based on customer feedback, the company provides a stellar experience. Trust & Will has earned 4.9 out of 5 stars on Trustpilot with over 1,700 reviewers. And 98% of those reviewers rated their experience as "Excellent" or "Great."

Is It Worth It?

If you're concerned about your estate plan, Trust & Will offers an easy pathway to quickly nominate a guardian or create a will or trust. If you have a simple estate or only want to ensure proper guardianship for your children, Trust & Will could be a great option.

But if you have a complicated estate or complex family arrangement, then the streamlined Trust & Will process might not be enough for you. In these situations, it's typically best to rely on the finely-tuned estate planning that only an attorney can provide. 

Trust & Will Features