The terms “will” and “trust” can be confusing and misunderstood. It is important to distinguish the difference and understand what both these concepts really are.
What is a will?
A will is a legal document that help coordinates the distribution of your assets after death and can appoint guardians for minor children. A will is important because it allows you to communicate your wishes clearly at your death. Without a will, the state of residence will distribute your assets to your beneficiaries according to its laws. Having the state distribute your assets may not result in how you would distribute your assets to your beneficiaries. Having a will…
