Contributed by Noelle Fauver, community outreach manager for Trust & Will. This post originally appeared on the Trust & Will website and has been modified here with permission.
You’ve heard the terms “will” and “trust” from an estate planning perspective, but do you understand the difference between each? And, do you know which plan will best protect your family and assets?
Let’s break down what you need to know about wills and trusts in estate planning.
Will vs. Trust
While wills and trusts have overlap, there are also critical differences between the two. Ultimately, both methods specify who will receive your assets. They just do it in different ways, each with advantages and disadvantages.