That is a question that to be complete requires a complex answer. A Will is a written document that nominates an individual or corporate Personal Representative to be in charge and indicates how your property will be distributed at the time of your death. It also allows you to appoint a guardian for your minor children. A Will goes through a Probate process at death. A Living Trust can provide asset management during your lifetime, management and direction on the transfer of your assets at death, and it appoints a Trustee to be in charge. The Trustee can be yourself and or spouse or another individual or Corporate Trustee of your choice. It allows you to name a Successor Trustee upon your death or incapacity. Court involvement is not required with a Trust.
What is the difference between a Will and a Trust?
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