Understanding
Wills and Trusts

A will is a legal document that outlines your wishes regarding the distribution of your assets and the care of any minor children after your death.

A trust, on the other hand, is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of beneficiaries.

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Wills and trusts are flexible instruments and are regularly used in comprehensive estate plans. Each instrument serves a different purpose and provides various benefits depending on your specific situation and goals.

Wills and Trusts FAQs

What is a will?

A will is a legal document that outlines your wishes regarding the distribution of your assets and the care of any minor children after your death.

What is a trust?

A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries.

Why are wills and trusts important?

Both wills and trusts are essential components of a comprehensive estate plan, each serving different purposes and providing various benefits.

Do I need a lawyer to create a will?

While it's possible to create a will on your own, consulting with a lawyer ensures that your will is legally sound and accurately reflects your wishes.

What happens if I pass away without a will?

If you die without a will, your assets will be distributed according to state intestacy laws, which may not align with your wishes.

Can a trust help avoid probate?

Yes, certain types of trusts can help your estate avoid probate, which can be a lengthy and costly process.