Many people were forced to think about how to adequately manage their estates in 2020. While a will and last testament was for many years the most common estate planning, trusts have grown in popularity. As part of a will, a person must specify how his or her properties should be distributed after that individual passes away, while family trusts are established for either a specific individual or a group of people who are not specifically named. This article reviews some valuable details you should understand in deciding whether a will, a trust, or both a will and trust are right for you.
Critical Differences between Trusts and Wills
While the critical differences with trusts and wills teal with the time when the assets are transferred, some of the other vital differences between trusts and wills include the following: