Wills
A will is a document which provides for the distribution of your assets to designated beneficiaries upon your death. Property that is distributed via a will must go through a court-supervised process, which can be expensive and time-consuming.
Trusts
A trust is a document which provides for the efficient management and distribution of trust assets at death, without the need for a probate court process. A trust additionally provides for the management of one’s financial affairs should the individual become incapacitated during his or her lifetime.
During one’s lifetime, a trust is revocable and amendable. Assets such as checking, savings, money market, and brokerage accounts and real property are retitled into the name of the trust. This allows a trustee to administer the trust estate and distribute the trust assets in an orderly manner.