Wills vs. Trusts: A Quick Guide

When it comes to estate planning, two essential documents often come into play: wills and trusts. While both are used to outline your wishes for your assets after you pass away, they serve distinct purposes and have different implications.   Wills A will is a legal document that expresses your desires for the distribution of your property upon your death. It typically includes: Beneficiaries: The people or organizations who will inherit your assets. Executor: The person responsible for carrying out the terms of your will. Guardianship: If you have minor children, you can designate a guardian to care for them. While wills are relatively straightforward, they have...