Posted by Abed Awad | Oct 12, 2022 |
You may be wondering whether to use a will or trust in passing along your assets. There's a common belief that using a trust can give you a break on estate taxes, but it's not necessarily the case.
What are the significant differences between wills and trusts that can save you time, money and headaches?
A trust is a pool of assets held for the benefit of a third party called a beneficiary. A trustee oversees the trust's disposition to the beneficiary. You can create a trust by establishing one in your will or while you are still alive — a living trust. The property in a trust remains in the trust until some specified event occurs — your death or the beneficiary reaching a certain age.