15 Feb What is the difference between a Will and a Trust?
A will and a trust are two different legal instruments that accomplish the same function: protecting property, assets, and heirs. A will is a document that outlines who should get your property after you die, whereas a trust is an arrangement in which someone else manages your property for you while you’re alive or after you die. If one of these documents sounds more appealing to you than the other, ask yourself why? What’s important to me? Do I want my family to know how I would like my assets divided up if anything happens to me? Would I rather have control over when and where they go instead of handing it off to someone else? These questions might help decide what type of instrument best suits your needs.
People who are wealthy often have a will and a trust. A will is what someone wants to happen with their assets after they die, while a trust is used for managing the person’s property during his or her lifetime. The two documents have different purposes, but both can be very helpful in protecting your loved ones from financial hardship. Ready to get started on ensuring your families future is secure? Contact us today!