Description: A will is a legal document describing how someone wants their belongings distributed after death. Some people go into great detail, explaining how to divide everything from major assets (like houses and investments) down to small, sentimental items. Others keep it fairly broad, which can sometimes cause confusion once probate begins. A trust, by contrast, is a legal arrangement in which assets are placed under the care of a trustee. This trustee manages the assets on behalf of beneficiaries, either during the trust creator’s lifetime or after that person’s passing. If it’s a living trust (often called a revocable trust), the creator can adjust its terms at any point. This is why living trusts are popular for estate planning: they let property and funds go directly to the named beneficiaries without the delays of probate.
Category: Finance
Tag: legal