Trust Vs. Will: What’s the Difference?

Estate planning is all about assets and responsibilities.  How will your assets be distributed? Who gets what? Who is responsible for what? When, where, and how does this all occur?  If you haven’t thought about this yet, now may be the time. Fortunately, with the legal documents of the trust and will, you can get everything squared away before it’s ever a problem. But first, you gotta know what you’re dealing with. Understanding the differences between trusts and wills is a must.  Defining a Will Also called a last will and testament, a will is a document detailing how your assets and affairs are managed when you die. Really, it’s all about your wishes and preferences. From who inherits that real estate and gets money from that fund to who watches over any minor children, all these important details are squared away in a will.  Anything that is in your name at the time of your death can be designated for proper handling.  Just a few terms to know…  First, is the executor, who is the person you appoint to execute your will to your wishes. Second is the term probate, which refers to a court-supervised process by which the...