Will vs. Trust: Know the Difference
Wills and trusts are common documents used in estate planning, and each can help in the distribution of assets at death
This week, Craig Siminski, of CMS Retirement Income Planning, shares an article explaining important differences between wills and trusts:
What Is a Will?
A last will and testament is a legal document that lets you direct how your property will be dispersed (among other things) when you die.
It becomes effective only after your death. It also allows you to name a personal representative (executor) as the legal representative who will carry out your wishes.
What Is a Trust?
A trust is a legal relationship in which you, the grantor or trustor, set up a trust, which holds property managed by a trustee for the benefit of another, the beneficiary.
A revocable living trust is the type of trust used most often as part of a basic estate plan. “Revocable” means you can…
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Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 22 years of experience. His goal is to provide families, business owners, and their employees with assistance in building their financial freedom.
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