If you have young children, it is important to plan for their care and well-being in the event of your death. Both a last will and testament and a revocable living trust can be used to name a guardian for your children and to make provisions for their financial support.
However, a revocable living trust can offer certain advantages over a will in this situation. For one, a trust can go into effect immediately, while a will only takes effect after your death. This means that if something were to happen to you, the trustee you have designated can step in to manage the trust and provide for your children right away.
Additionally, a trust can provide for your children's needs in a more flexible way than a will. For example, you can specify how and when your children will receive trust assets, and you can even set up the trust to continue for their benefit until they reach a certain age or achieve certain milestones.
Overall, whether a trust or a will is the best option for you will depend on your specific circumstances and goals. It's a good idea to consult with an attorney to determine which option is best for you and your family.
