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A will is a legal document that outlines how your assets will be distributed after your death. A trust, on the other hand, is a legal arrangement in which you transfer ownership of your assets to a trustee, who manages them on behalf of your beneficiaries. A trust can help you avoid probate and may offer tax benefits.
It is recommended that you review your estate plan every three to five years, or whenever you experience a major life change such as marriage, divorce, or the birth of a child. Updating your estate plan can help ensure that it continues to meet your needs and reflects your current wishes.
Probate is a legal process that occurs after someone dies, in which their assets are distributed according to their will or state law. Probate can be time-consuming and expensive, and it can also be a public process that exposes your assets and beneficiaries to scrutiny. By creating an estate plan that avoids probate, you can help ensure that your assets are distributed quickly, efficiently, and privately.
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