Will & Trust Guide: Essential Estate Planning Documents

# Will & Trust Guide: Essential Estate Planning Documents ## Protect Your Family and Assets with Proper Legal Planning Wills and trusts are the foundation of any comprehensive estate plan. This guide explains the differences between these essential documents, when to use each, and how to create them to protect your family and ensure your wishes are carried out. ## Understanding Wills and Trusts ### What is a Will? A **will** (also called a last will and testament) is a legal document that specifies how you want your assets distributed after your death. It also allows you to name guardians for minor children and an executor to manage your estate. **Key Features of a Will:** - Takes effect only after death - Must go through probate court - Can be changed or revoked during lifetime - Names beneficiaries for assets - Designates executor and guardians - Specifies funeral and burial wishes ### What is a Trust? A **trust** is a legal arrangement where you transfer assets to a trustee who manages them for the benefit of beneficiaries according to your instructions. Trusts can be revocable or irrevocable and can take effect during your lifetime or after death. **Key Features of a Trust:** - Can take effect during lifetime or after death - Avoids probate for trust assets - Provides privacy and control - Can reduce estate taxes - Allows for ongoing management - Can provide for incapacity ## Conclusion Wills and trusts are essential tools for protecting your family and ensuring your wishes are carried out. While wills are simpler and suitable for many situations, trusts offer additional benefits including probate avoidance, privacy, and ongoing management capabilities. **Ready to protect your family and assets? Use this guide to understand your options and create the estate planning documents that best meet your needs and goals.**