Surviving Financial Crises

Wills and Trusts

What is the difference between a will and a trust?

You will always want to have a will even if you have a trust. It is not an either/or proposition. A trust allows the deceased to pass on to their heirs their assets without having to go through probate court. Unless you have millions of dollars in assets, you most likely do not need to protect your portfolio inside a trust, as setting up the trust can be very expensive, depending on its size and complexity. A will is a statement of a few specific wishes. If you have a will and a trust, the will names your personal representative, the guardian of your children, and then states that all assets will go into your trust and be distributed pursuant to the terms of the trust.


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