You want to prepare for the future. You want your family to be taken care of should anything happen to you, but how can you do that? Should you create a will, a trust, both documents, or another type of document all together?
The Similarities and Differences Between Wills and Trusts
Both a will and a trust can be used to transfer property after your death. Distribution of trust property will be overseen by a trustee and the distribution of property left in your will be overseen by an executor. You will pick the trustee or the executor when you set up your trust or will, and you will also name the specific beneficiaries at that time. However, how the property is distributed is going to be different. Consider, for example, that property that passes through a will must go through the probate court. Property that goes through a trust does not.
There Are Many Facts That Go Into Choosing the Right Estate Planning Documents
Before you can decide whether you should create a will or a trust you should review all of your assets, financial documents, and goals. Often a will and trust can both be created as part of a comprehensive estate plan that is designed to meet all of your goals and needs.
To learn more about creating the estate plan that is right for you, read our free pamphlet, The Ten Things You Must Know Before Creating (or Amending) Your Will or Trust.