What's the difference between a trust and a wheel?

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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.

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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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