What is the difference between a will and a trust?
September 10, 2014
A will is a legal document that states where you want all your property (basically all of your "stuff") to go. A trust is a legal document that states who you want to be in charge to make sure all your property gets to whomover you want it to go to. If you don't have a will or a trust then your esate will go into probate and a judge decides where your assets goes.
Obviously, you don't want someone else deciding for you, which is why it is important to meet with an attorney who specializes in esate planning to make sure you have everything taken care of, especially because there are so many changes going on with estate and tax planning.
Additionally, you should update your will any time that there is a life change. For example, a divorce, death, birth, marriage or even if you just change your mind about whom you want your property to go to. You also should update it if laws change relating to estate planning and your situation.