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.

Asset Image 1

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?

Trusts and wills are unique planning tools that enable individuals to avoid probate and taxes, and distribute assets to loved ones.

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, if set up and funded properly, a trust does enable probate avoidance.