A will is an authorized and legal document in which you assert who will manage your estate after you die. Your estate can consist of large things of high value such as a home, and/or small items of value like jewelry, and/or items that hold sentimental value like photographs.
A will can also declare who you’d like to become the guardian for minor children or dependents, and who you’d like to receive specific items.
An executor, someone you name in the will, executes your declared wishes. Anyone designated to receive property is a beneficiary.
For more information about Wills, read the FAQ.
A trust, which can be arranged in a variety of ways, is a fiduciary agreement specifying how and when assets are to pass from the trustee, who hold assets on behalf of a beneficiary or beneficiaries, to a beneficiary or beneficiaries.
A trust can minimize estate taxes and offer other benefits as part of a well-formed estate plan.
For more information about Trusts, please read the FAQ.