A Will is a binding legal document that dictates how and to whom your property will be distributed upon your death. A Will also allows you to nominate a person(s) to care for your children in the event of an unforeseen death. The Executor(s) is nominated by you in your Will and he or she is responsible for carrying out your testamentary wishes. Your Will must be validated by a court. This process is known as a Probate, which can be a costly and a time-consuming endeavor.
A Trust is also a binding legal document that dictates how and to whom your property should be distributed upon your death, but, more importantly, a Trust can be and is often used to avoid Probate to settle a decedent's estate. Here, the Trustee is responsible for carrying out the terms of the Trust. There are many different types of Trusts, so it is best that you consult an attorney to help you achieve your estate planning goals.
TYPES OF TRUSTS
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