Is it better to leave my property by will or living trust?

The first step for you to take is to look closely at the documents specifying how the title is held to the property you mentioned. Generally, property that you own with another person -- in joint tenancy, tenancy by the entirety, or community property with right of survivorship -- passes directly to the other owner or owners at your death, and you needn't provide for its passing in either a will or trust.

The same is true with property that has a designated beneficiary to take the property at death -- as is often the case with insurance, for example. That, too, will pass automatically to the named taker, outside a will or trust.

You can make either a will or trust or both to designate the person or organizations you want to take any remaining property. But you should be guided by a number of concerns.

A living trust, which passes property free from probate, rather than a will may not be a good choice if you:

• Expect to owe estate taxes when either you or both you and your spouse die -- which is most likely if you own property worth $2 million or more.
• Want to have some control over what happens to your property after your death, such as specifying that a house goes first to a relative, then to your children.
• Have any child who has a special need or disability, and you want to provide management for property that goes to him or her.
• Have children from one or more prior marriages who are likely to conflict with a current spouse.

A will alone may do, however, if you:

• Have set up most property ownership in joint tenancy or pay-on-death transfers.
• Own very little valuable property.
• Don't know someone you trust to oversee your property.
• Are involved in divorce proceedings, as some state laws bar creating such trusts once a divorce is filed.