What's the difference between a trust and a wheel?
A will is a document that directs who will receive your property at your death and also who will carry out your wishes. A trust is a legal arrangement through which one person or trustee holds legal title to property for another person. It can also distribute property either before or after death.
Trusts offer more control of assets, but they are more expensive, can be tedious to set up, and must be actively managed. If you do not have an estate-transfer plan, the state in which you live and the federal government will have one for you.
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