Difference between will and Trust

Why do you need a will and a trust? And what are the differences between the two?

A Will just declares what you are leaving behind for your beneficiaries, but a trust is a legal mechanism that lets you put conditions on how your assets are distributed after you die and it often lets you minimize gift and estate taxes.

An Example: You have declared in your Will that your son and daughter will inherit a certain amount of money. You can place their money in a trust and stipulate at what age they will receive it.

Prepared by Gale Ranch Notary, Apostille and Financial Services for your family protection awareness.

-Gale Ranch Notary

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